When they open the Web page containing the code in the figure above, most users see the text marked as item 6 in their browsers.
Definitions:
Total Cost
The sum of fixed cost and variable cost.
ATC
Average Total Cost, which is the total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.
Plant Size
The physical capacity or output potential of a manufacturing or production facility.
Implicit Cost
The opportunity cost of using resources already owned by the firm for its current purpose, rather than their next best alternative use.
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