Examlex
What is meant by working capital?
Marginal Cost
The added expense incurred upon producing one further unit of a good or service.
Average Cost
The total cost of production divided by the quantity of output produced, indicating the cost per unit of output.
Short-run Cost Function
A relationship between production cost and output level when one or more inputs are fixed, typically analyzing costs within a time frame that doesn't allow for all factors of production to be adjusted.
Long-run Cost Function
A representation of the total cost associated with the production of goods over time, taking into account all variable and fixed inputs.
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