Examlex
According to act utilitarianism, an action is morally right if and only if
ATC
Average Total Cost, which is the total cost of production divided by the quantity of output produced, a key concept in microeconomic analysis.
Marginal Cost
The cost added by producing one additional unit of a product or service, crucial in decision-making on production and pricing.
Fixed Cost
Costs that remain constant regardless of the amount of goods produced or sold, including expenses like lease payments, employee wages, and insurance fees.
Variable
A characteristic, number, or quantity that can change or vary, taking on different values in a mathematical model, statistical experiment, or real-life situation.
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