Examlex
EMLA is a topical anesthetic containing 2.5% of each of two ingredients.You use the Physicians' Desk Reference and determine that the two ingredients are:
Diminishing Returns
A principle stating that if one factor of production is increased while others are held constant, the output per unit of the variable factor will eventually decrease.
AVC
Average variable cost, which is the total variable cost divided by the quantity of output produced.
ATC
Stands for Average Total Cost, which is the total cost per unit of output produced.
Fixed Costs
Costs that do not vary with the level of production or sales, such as rent, salaries, and insurance, remaining constant regardless of the business activity.
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