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When using the direct method, depreciation is added to net income.
Average Cost
The total cost of production divided by the total quantity produced, indicating the cost per unit of output.
Marginal Costs
The additional cost incurred by producing one more unit of a good or service.
Declining
A term indicating a decrease or reduction in quantity, quality, or importance over time.
Cost Function
A mathematical relationship describing how the cost of production changes with changes in the quantity of output produced.
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