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Judy is the department supervisor at a two-year old community college.She has recently hired a new faculty member who will be starting work on Monday.She knows that the new employee,Nguyen,has extensive work experience in the field,but relatively little teaching experience,especially at the community college level.Therefore,Judy should:
Average Cost
the total cost of production divided by the number of units produced, used to evaluate the efficiency of production processes.
Producing Units
Departments or entities within an organization responsible for the creation of goods or provision of services.
Marginal Revenue (MR)
The increase in revenue that results from the sale of one additional unit of a product or service.
Marginal Cost (MC)
The expense associated with the production of an extra unit of a product or service.
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