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Explain the continuum of board involvement.
Average Total Cost Curve
A graphical representation showing the average cost per unit of output, calculated by dividing total costs (both fixed and variable) by the number of units produced.
Average Variable Cost Curve
A graphical representation that shows the relationship between a firm's total variable costs and output levels.
Average Fixed Cost
The total fixed costs of production divided by the quantity of output produced.
Spreading
The act of extending or distributing something over a wider area or among a larger number of people.
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