Examlex
Explain why the ups and downs of the business cycle are not 'smooth and regular', but are irregular in the real world.
Average Variable Cost
The total variable costs of production divided by the quantity of output produced; it varies with the level of output.
Average-Variable-Cost Curve
A graphical representation showing how average variable costs of production vary with the level of output, typically U-shaped due to economies and diseconomies of scale.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the average cost of producing each unit.
Marginal-Cost Curve
A curve that shows the cost of producing one additional unit of a good or service.
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