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Disputants Martin and Daulton have hired Thurman to mediate their disagreement.Although Martin and Daulton must accept whatever decision Thurman makes,the mediation has the advantage of keeping Martin and Daulton out of court.
Average Total Cost
The total cost of production divided by the quantity of output produced.
Economies of Scale
Enterprises achieve cost benefits from their operation size, resulting in a reduction of cost per output unit as the scale expands.
Average Variable Cost
The total variable costs divided by the quantity of output produced; it fluctuates with production volume.
Line Segment AB
A part of a line that is bounded by two distinct end points, A and B, and contains every point on the line between A and B.
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