Examlex
The purification of water by distillation is a(n)________ process.
Output
The total quantity of goods or services produced by a company or an economy.
Average Total Cost
The total cost of production divided by the number of units produced, representing the per-unit cost of production including both fixed and variable costs.
AVC
Average Variable Cost refers to the cost of producing each unit that varies with the volume of output.
AFC
Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.
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