Examlex
(Video: Pavlov's discovery of classical conditioning) Pavlov's original aim was to discover
Shutdown Point
The level of production and corresponding price at which a business's total revenue exactly equals its total variable costs, beyond which the business would start to incur losses.
Output
In economic terms, output refers to the total amount of goods and services produced by an economy or a firm.
Average Total Cost
The cost per unit of output, calculated by dividing the total cost of production by the total number of units produced.
Marginal Revenue
The added revenue procured by vending an additional unit of a good or service.
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