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What Is a Budget

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What is a budget?


Definitions:

ATC

Average Total Cost, which is the total cost of production divided by the quantity of output produced.

AVC

Average Variable Cost; the total variable cost divided by the quantity of output produced.

MC

MC often stands for Marginal Cost, which is the cost of producing one additional unit of a good.

ATC

Average Total Cost; the total cost of production divided by the quantity of output produced.

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