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What Joseph Haydn development was the first of the new Classical genres?
Total Variable Cost
The sum of all variable costs associated with the production of a given level of output.
Total Fixed Cost
The sum of all costs required to produce any product or service that does not change with the level of output.
Average Fixed Costs
Average fixed costs are the total fixed costs of production divided by the quantity of output produced, which decreases as production increases.
Marginal Cost Curve
A graphical representation that shows how the cost of producing one additional unit of a good varies as production volume changes.
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