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According to George Miller, capacity of short-term memory:
Average Variable Cost
The total variable cost divided by the quantity of output, reflecting the cost of labor and materials directly involved in production.
U-shaped
A term often describing a graph or relationship where a variable initially decreases, reaches a minimum point, and then increases, resembling the shape of the letter "U."
Total Product Curve
A graphical representation that shows the relationship between the total output produced by a firm and the quantity of a variable input for a given level of fixed input(s).
Average Product
The output produced per unit of a resource employed, calculated by dividing total product by the quantity of the resource used.
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