Examlex
Convert the angle to decimal degrees and round to the nearest hundredth of a degree.
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Average Total Cost
A firm’s total cost divided by output (the quantity of product produced); equal to average fixed cost plus average variable cost.
Economies of Scale
Cost advantages that a business obtains due to expansion, leading to a reduction in the average cost per unit through increased production.
Diseconomies of Scale
The situation in which a business grows to a point where the costs per unit increase, opposed to saving costs, often due to managerial inefficiencies or complexity.
Constant Returns to Scale
A situation in which increasing the amount of all inputs used in production by a certain factor results in output increasing by the same factor.
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