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Identify/define and explain the significance of the following: Philip II.
Average Fixed
The fixed costs of production divided by the quantity of output produced, indicating the average fixed cost per unit.
Marginal
Pertaining to the additional or incremental changes in costs, benefits, revenues, or other quantities, typically used in analysis of business decisions or economic policies.
Total Cost Curve
A graphical representation that shows the total cost of producing different quantities of output.
Ratio
A mathematical expression that represents the quantitative relationship between two numbers, showing how many times one value contains or is contained by the other.
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