Add the Following Fractions and Mixed Numbers

question 34

Short Answer

Add the following fractions and mixed numbers.Express answers as a mixed number when possible and in the lowest terms.
-2/3 + 1/6 + 7/18 = __________

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Definitions:

Economic Loss

The difference between the revenues received from the sale of an output and the opportunity cost of the inputs used.

Average Variable Cost

The variable cost per unit of output, obtained by dividing the total variable cost by the total output.

Marginal Cost

The change in total production cost that comes from making or producing one additional unit.

Shut Down

A short-term decision by a firm to cease operations and production when the market price is below its variable costs, to minimize losses.