Examlex
Please define the following key terms.
-Khaizuran
Marginal Output
The additional amount of output that is produced as a result of a one unit increase in the input of a production process.
Resource
Assets, materials, or inputs used to produce goods and services, including natural resources, human resources, and capital.
AVC Curve
Represents the Average Variable Cost Curve, which shows the relationship between a firm's output and the variable costs per unit of output, typically declining and then rising.
AFC Curve
The Average Fixed Cost curve, which represents the fixed costs of production divided by the quantity of output produced, typically demonstrating a downward slope as output increases.
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