Examlex
The real power of Excel lies in its amazing computational capability. Explain.
Average Cost
The total cost divided by the number of units produced, indicating the cost per unit of output.
Marginal Cost
The increase in total cost that arises from an extra unit of production, pivotal for decision-making in production processes.
Diminishing Returns
A principle stating that as more of a variable input is combined with a fixed input, the incremental gains in output will eventually decrease.
Increasing Returns
This refers to a scenario in economics where, as the quantity of input increases, the rate of output increases at a faster rate, leading to economies of scale.
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