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Essential body functions such as heartbeat, breathing, and digestion are under the control of the
Fixed Capital Input
Assets and resources used in production that are not consumed or changed and can be used repeatedly over time, such as machinery and buildings.
Variable Labor Input
Labor whose usage level can be changed in the short term to match the level of output production.
Lowest Cost Level
The point at which a business can produce its goods or services at the minimum possible cost.
Average Total
The sum of all the costs of production (fixed and variable) divided by the total quantity produced; often referred to as average total cost.
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