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Mendel studied what he called characters and traits. What is the relationship between these terms?
Average Total Cost
The total cost of production divided by the quantity of output produced, representing the average cost per unit of output.
Profit
The financial gain achieved when the revenue from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
Marginal Cost
The escalation in cumulative price involved in fabricating one extra unit of a product or service.
Average Revenue
The amount of income generated per unit of sale or service offered, calculated by dividing total revenue by the number of units sold.
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