Examlex
An agent must be able to show where money or property comes from and goes to because of his duty:
Average Variable Cost
The total variable costs incurred by a firm divided by the quantity of output produced.
Marginal Cost
The extra cost resulting from the manufacture of an additional unit of a product or service.
Average Fixed Cost
The total fixed costs of production divided by the quantity of output produced, indicating how fixed costs dilute with increased production.
AFC Curve
The Average Fixed Cost curve, depicting how the fixed costs of production spread over different quantities of output affect the total cost per unit.
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