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Who established CAT levels?
AVC Curve
The Average Variable Cost curve, which graphs the per unit variable costs of production against the quantity of output.
Average Variable Cost
The total variable costs (such as labor and materials) divided by the quantity of output produced.
Average Total Cost
The total cost of production (fixed plus variable costs) divided by the total quantity of output produced, indicating the cost of producing each unit of output.
Variable Costs
Costs that vary directly with the level of production or output, such as materials and labor costs.
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