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A chemical buffer system consists of a pair of substances involved in a reversible reaction, one that can yield free H⁺ and one that can bind with free H⁺.
Total Variable Costs
The sum of expenses that vary directly with the level of production or sales volume.
Marginal Cost
The amount of money needed to create an additional unit of a product or service.
Average Total Costs
The total costs of production (fixed and variable) divided by the quantity of output produced.
Total Fixed Costs
The sum of all costs that do not change with the level of production or services provided, such as rent and salaries.
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