Examlex
Asset impairment occurs when the fair value of a long-term asset falls below its carrying value.
Average Product of Labor
The output produced per unit of labor input, calculated by dividing total output by the total number of labor units used.
Variable Input
A production factor that can be adjusted in the short term to change the level of output, such as labor or raw materials.
Fixed Costs
Costs that do not change with the level of output produced by a firm, such as rent, salaries, and equipment costs.
Average Total Cost Curve
A graphical representation of the total cost per unit of output, calculated by dividing the total cost by the quantity of output produced.
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