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During the years 2002 to 2008 smoking among twelfth grade students was declining. A linear model for the percentage of twelfth grade students who smoke is . P is the percentage of twelfth graders who smoke and t is years since 2002. Use the model to predict the percentage of twelfth grade students who smoke in 2010. Is this answer reasonable?
AVC
Average Variable Cost; the per unit variable cost associated with producing a good or service.
AFC
Average Fixed Cost; the total fixed costs of production divided by the quantity of output produced, illustrating how fixed costs spread out over produced units.
Short Run
A period in which at least one input in the production process is fixed, limiting the ability to change production levels significantly.
Total Cost
The sum of fixed and variable costs incurred by a business in producing a certain level of output.
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