-In the figure above,what is the equilibrium price and quantity?
Definitions:
Average Variable Costs
The total variable costs divided by the number of units produced, representing the variable cost per unit of output.
Total Variable Cost
The total of all costs that vary with output level in the short run.
Output
The total amount of goods or services produced by a company, industry, or economy within a specific period.
Total Cost
The aggregate cost of producing a given level of output, including both fixed and variable costs.
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