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What is a startup form? Describe the steps used to define it for an application.
Marginal Product
The additional output that is produced by using one more unit of a variable input.
Average Product
The output produced per unit of input, calculated by dividing total product by the number of units of input, often used to measure productivity.
Total Cost
The entire financial burden of producing a specific quantity of a good or service, including both fixed and variable costs.
Marginal Cost
The rise in overall expenses associated with producing an additional unit.
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