Extreme Poverty Is Living on Less Than the Equivalent of $_______________

question 58

Short Answer

Extreme poverty is living on less than the equivalent of $_______________ per day.

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Definitions:

Average Variable Cost

Average variable cost is the total variable cost of production divided by the number of units produced, indicating the variable cost per unit.

Average Variable Cost

The total variable costs (costs that change with production volume) divided by the number of units produced.

Average Product of Labor

The output produced, on average, by one unit of labor, such as one worker or one hour of work.