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Define the following:idiographic
Average Variable Cost
The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output.
Marginal Cost
The price of fabricating another unit of a good or service.
Marginal Revenue
The additional income produced through the sale of one more unit of a product or service.
Total Cost
The overall expense incurred in the production of goods or services, including both fixed and variable costs.
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