Examlex
What are the three main needs outlined in McClelland's need theory?
AVC
Average Variable Cost is the total variable costs divided by the quantity of output produced.
AFC
Average Fixed Cost, the fixed cost per unit of output, calculated by dividing total fixed costs by the quantity produced.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the total quantity of output produced.
Average Fixed Cost
The fixed cost per unit produced, calculated by dividing total fixed costs by the quantity of output produced.
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