Examlex
Explain the difference between discretionary and automatic spending by the government.
ATC
Average Total Cost, which is the sum of all production costs divided by the quantity of output produced, a critical factor in economic analysis of a company's efficiency.
Shut-down Point
The level of operation at which a firm's total revenue is equal to its total variable costs, below which it is more beneficial for a firm to cease production.
Average Variable Cost
The variable cost (cost that changes with production volume) divided by the quantity of output produced.
Profit-maximizing
Refers to the process by which a company determines the price and output level that returns the greatest profit.
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