Examlex
Express using positive exponents. Then simplify.
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Average Cost
The total cost divided by the quantity produced, calculating the cost on a per unit basis.
Total Output
The total quantity of goods or services produced by a firm or economy.
Fixed Costs
Expenses that do not change with the level of goods or services produced by a business.
Variable Costs
Expenses that vary directly with the level of production or volume of output.
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