Examlex
List and describe each of the four criteria for an objective.
Marginal Cost
The expenditure required to produce one more unit of a product or service.
Incremental Cost
The additional cost associated with producing one more unit of a product or service.
Additional Unit
The next unit of product or service to be produced beyond the current production level, often considered in the context of marginal cost analysis.
Average Cost
The cost per unit of output, typically calculated by dividing total costs by the total quantity produced; synonymous with average total cost.
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