Examlex
Inelastic demand for a product means that if the product's price goes up,demand for it increases,but if a product's price goes down,demand decreases.
Total Cost
The total economic cost of production, including both fixed and variable costs.
Average Total Cost
Total cost divided by the number of units produced, representing the cost per unit of output.
Average Total Costs
The sum of all the production costs divided by the quantity of output produced, representing the per-unit cost of production.
Average Variable Costs
Costs that vary with the level of output, divided by the quantity of output produced, indicating the variable cost per unit.
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