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Consider the following information describing a closed economy with no government and where aggregate output is demand determined.All dollar figures are in billions. TABLE 21-4
-Refer to Table 21-4.At the equilibrium level of national income,desired saving ($billions) will be
Average Variable Costs
The total variable costs divided by the number of units produced, representing the variable cost per unit of output.
Total Variable Cost
The total of all costs that vary with output level in the short run.
Output
The total amount of goods or services produced by a company, industry, or economy within a specific period.
Total Cost
The aggregate cost of producing a given level of output, including both fixed and variable costs.
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