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Alleles
Variable Costs
Costs that change in proportion to the level of activity or volume of output in production, such as raw materials and labor.
Fixed Cost
Expenses that do not change with the level of goods or services produced by a business.
Total Revenue
The total amount of money generated by a company or entity from its primary activities, such as sales of goods or services, before any expenses are deducted.
AVC
Short for Average Variable Cost, it is the total variable costs (such as labor and materials) divided by the quantity of output produced.
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