Examlex
The sequence from raw material to sale is known as
Total Variable Cost
The sum of all costs that vary directly with the level of production or output, including costs for materials, labor, and energy.
Marginal Cost
The extra financial burden of producing an additional unit of a product or service.
Average Variable Cost
The cost per unit of output that varies with the level of production, excluding any fixed costs.
Learning-by-Doing
The process through which skill and efficiency are improved over time as a result of practice and experience.
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