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What is the difference between squab and pigeon?
Average Total Cost
The average cost per unit of output expressed as the total production cost divided by the number of units produced.
Average Total Cost
The total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
Efficient Scale
The level of production at which a firm operates with the lowest average total costs, achieving economies of scale without incurring diseconomies of scale.
Short-Run Cost Curves
Graphical representations that show the relationship between a firm's costs and output levels in the short term.
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