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What is the relationship between utilitarianism, Kantianism, and rights theory?
Variable Cost
Costs that vary directly with the level of production or output, such as materials and labor, in contrast to fixed costs which remain constant regardless of output.
Total Cost
The total of all costs associated with the creation of goods or services, encompassing both fixed and variable expenses.
Average Variable Cost
Average Variable Cost is the total variable costs (costs that change with the level of output) divided by the quantity of output produced, representing the cost of producing one additional unit of goods or services.
Marginal Cost
Expenses related to the production of an additional unit of any good or service.
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