Examlex
The demand is price-inelastic when the percentage change in quantity demanded is greater than the percentage change in price for a particular good.
Additional Unit
The next unit of product or service that is being considered for production or consumption.
Marginal Cost
Incremental expense incurred from the production of one additional unit of a good.
Average Total Cost
The total costs of production divided by the total output, indicating the average cost per unit of output.
Total Cost
The combined total of expenses involved in making goods or services, including costs that do not change and those that do.
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