Examlex
Campbell's "reforms as experiments" article includes a description of an evaluation of a state police crackdown on speeding in Connecticut. In conducting this study, Campbell used
Average Fixed Cost
Production's fixed expenses (unchanged by the amount of production) split by the quantity of product made.
Average Variable Cost
The cost that varies with the level of output, computed by dividing total variable costs by the quantity of output produced.
Total Cost
A comprehensive total of expenses involved in the creation of goods or services, covering both fixed and variable costs.
Diminishing Marginal Product
The principle that as additional units of a variable input are added to fixed inputs, the increase in output will eventually decrease.
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