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Why do sculptors love to work with marble?
Total Variable Cost
The sum of expenses that vary directly with the level of production, such as raw materials and direct labor.
Marginal Cost
The expenditure involved in the production of one extra unit of a product.
Marginal Cost
The sum required to produce an extra unit of a product or service.
Variable Input
An input in the production process that can be adjusted in the short run to change the level of output, such as labor hours or raw materials.
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