Examlex
Output
The collective volume of products or services generated by an enterprise, sector, or economic system.
Average-Total-Cost Curve
A graphical representation showing the average cost per unit of output at different levels of production, typically U-shaped due to economies and diseconomies of scale.
Production Function
A mathematical model that describes the relationship between input factors and the output of goods or services.
Costs
The expenses involved in producing or acquiring goods and services, including labor, materials, and overheads.
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