Examlex
________ is the way tasks are combined to form complete jobs.
Accounting Profit
Accounting profit is the net income a company reports on its financial statements, calculated as total revenues minus explicit costs and depreciation.
Marginal Product
The extra production obtained by employing an additional unit of a variable resource, while keeping the rest of the inputs unchanged.
Fixed Cost
Expenses that do not change in the short term regardless of the level of production or output.
Average Fixed Cost
The fixed costs of production (costs that don't change with the level of output) divided by the quantity of output produced.
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