Examlex
Details in a routine message should be written in the same tone as the opening.
Marginal Cost
The growth in overall costs resulting from the manufacture of one more unit of a good or service.
Economic Losses
Situations where total costs exceed total revenues, indicating that resources may be better utilized elsewhere.
Average Variable Cost
The total variable costs (costs that change with the level of output) of production divided by the quantity of output produced.
Short Run
A time period in which at least one input is fixed and cannot be changed by the firm, affecting its production decisions.
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