Examlex
Performance auditing is the review of an organisation for efficiency and effectiveness.Discuss what is meant by the terms (1)'effectiveness' and (2)'efficiency'.
Economic Costs
The total cost of choosing one action over another, including both explicit and implicit costs.
Total Cost
The total amount of money spent on producing goods or services, encompassing both constant and fluctuating expenses.
ATC
Average Total Cost, which is the total cost of production divided by the number of units produced, encompassing both fixed and variable costs.
TC/q
Total cost divided by quantity; a formula to calculate the average total cost.
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