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Describe the differences between instrumental and terminal values and give examples of each.What role do values play in work settings?
Marginal Cost
The cost of producing one additional unit of a product.
Average Total Cost
The total cost divided by the quantity of output produced, indicating the average cost per unit of output.
Total Cost
The complete cost of production for a business, including both fixed and variable costs.
Average Total Cost
The total cost of production divided by the number of units produced, representing the cost per unit of goods or services.
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