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Tamera and Eugene are both 6 years old and they live next door to each other.When the two children play,Tamera is very directive,and she always insists on doing things her way.According to developmentalists,would Tamera and Eugene be considered peers?
Economic Profit
The difference between revenue generated from output and the opportunity costs of inputs used, considering both explicit and implicit costs.
Accounting Profit
The profit of a company after all expenses have been deducted from revenues, but before deducting income taxes.
AVC (Average Variable Cost)
The total variable cost divided by the quantity of output produced; it varies with production.
MC (Marginal Cost)
Marginal Cost is the change in total cost that arises when the quantity produced is incremented by one unit.
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