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The use of tempera was made unnecessary by the adoption of
Average Total Cost
The total cost divided by the quantity of output produced, reflecting the average cost per unit of output.
Profit
The financial gain made in a transaction, calculated as the difference between the revenue received and the costs incurred.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the total quantity produced.
Output
Represents the total amount of goods and services produced by an economy over a specific period.
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