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What is the difference between a demand schedule and a demand curve?
Average Variable Costs
The total variable costs divided by the quantity of output produced, reflecting the average cost of producing each unit.
Average Fixed Costs
Costs in production that are stable and do not vary with the amount of output, divided by the quantity of goods produced.
Output
The total amount of goods or services produced by a person, machine, factory, country, etc., within a certain period.
Total Cost Schedule
A detailed list that shows the total cost incurred at various levels of output or production.
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