Examlex
Please define the following key terms.
-Jew
Marginal Cost
The hike in aggregate cost linked with the fabrication of one extra unit of a product or service.
Marginal Revenue
The additional income received from selling one more unit of a good or service, critical in determining optimal production levels.
Average Variable Cost
The total variable cost divided by the quantity of output produced, indicating the variable cost of producing each unit.
Total Fixed Cost
Total Fixed Cost is the sum of all costs required to produce a product or service that does not change with the volume of output, such as rent, salaries, and equipment maintenance.
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