Examlex
What are the advantages of using a VPN?
Total Cost Function
A mathematical relationship expressing the total cost of production as a function of the quantity of output.
Explicit Costs
Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.
Implicit Costs
The opportunity costs of utilizing resources owned by the firm that could have been employed elsewhere, not directly paid out in cash.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, leading to a decreased cost per unit.
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