Fill in the correct labels for the following figure using the word bank below.
-J _______________
Definitions:
Relevant Range
The range of activity levels within which the assumptions about fixed and variable cost behaviors hold true, critical for accurate budgeting and decision-making.
Average Costs
The total costs divided by the number of goods produced, used to calculate the per-unit cost of production.
Incremental Manufacturing Cost
The additional costs incurred when increasing production by one unit.
Production Increase
The rise in the quantity of goods produced by a company or economy over a specific time period.
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