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What is the essentialist thesis?
Marginal Cost
The financial outlay required to create another unit of a good or service.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the number of goods produced, essentially the per unit production cost.
Average Variable Cost
The total variable costs (like materials and labor) divided by the quantity of output produced, indicating the cost of producing each unit.
Fixed Capital
Long-term assets used in the production of goods and services, such as buildings, machinery, and equipment.
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