Examlex
The main electrolyte lost in sweat during exercise is potassium.
Average Variable Cost
The total variable cost of production divided by the quantity of output produced; it decreases and then increases as output increases due to economies and diseconomies of scale.
Economic Profit
The extra income a business makes after accounting for all costs and expenditures, including opportunity costs.
Profit-Maximizing Output
Profit-maximizing output is the quantity of production at which a firm achieves the highest possible profit, where marginal cost equals marginal revenue.
Total Variable Cost
The sum of all costs that vary with the level of output, such as materials and labor, distinct from fixed costs.
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