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Imagine that you or your partner were pregnant and learned that the embryo had a genetic defect such as Down syndrome. Discuss the costs and benefits of the options available to you (e.g., abortion, delivering the child and putting it up for adoption, or keeping and raising the child) and the rationale behind each one.
Average Variable Costs
The cost per unit of variable inputs divided by the total output, indicative of the average amount spent on variable costs per unit of output produced.
TFC
Total Fixed Cost, which is the sum of all costs that remain constant regardless of the level of production or output.
TVC
Total Variable Costs, which are the costs that change with the level of production or service delivery.
MC
Refers to Marginal Cost, the extra cost incurred from producing one more unit of a good or service.
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