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Paul and Sally file a joint return showing $87,000 of AGI.They have three dependent children ages 6,8,and 13.What is the amount of their child credit?
Average Total Cost
The total cost divided by the quantity of output produced, representing the cost per unit of output.
Marginal Cost
The outgoings associated with the production of one more unit of a product or service.
Average Variable Cost
The total variable costs divided by the quantity of output produced; it varies with the level of output.
Long-Run Average Total Cost Curve
A graphical representation showing the relationship between output and average total cost when fixed cost has been chosen to minimize average total cost for each level of output.
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