Examlex
Fuller (1998) designed a pyramid of concepts involved in peacemaking. The foundation of the pyramid is:
Cost-output Elasticity
A measure of how responsive the cost of production is to a change in the output level.
Marginal Cost
The added expense incurred upon producing one further unit of a good or service.
Average Cost
The total cost of production divided by the quantity of output produced, indicating the cost per unit of output.
Short-run Cost Function
A relationship between production cost and output level when one or more inputs are fixed, typically analyzing costs within a time frame that doesn't allow for all factors of production to be adjusted.
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