Examlex
How are the long-run Phillips curve and the natural rate of unemployment related?
Marginal Costs
The upsurge in complete costs linked to the production of a supplementary unit of a good or service.
Average Variable Costs
The total variable costs of production divided by the quantity of output produced, representing the variable cost per unit of output.
Marginal Cost
The increase or decrease in the total cost that arises when the quantity produced is incremented by one unit.
Average Variable Cost
is the cost that varies with the level of output, calculated by dividing the total variable costs by the quantity of output produced.
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