Examlex
What should a person do if contemplating membership in a fitness facility?
Economic Profit
The difference between total revenue and total costs, including both explicit and implicit costs, representing excess return over perfect competition.
Per-Unit Profit
The difference between the selling price of a product and its cost of production on a per-item basis, indicating the profit generated from selling one unit of product.
AVC
Average variable cost refers to the division of the total variable expenses by the quantity of goods produced.
ATC
Average Total Cost, which refers to the total cost per unit of output, including both fixed and variable costs.
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