Examlex
In order to be successful, a company needs:
TC
Total Cost, which refers to the aggregate amount of expenses incurred by a business in producing goods or services.
AVC
Average Variable Cost, the total variable costs divided by the quantity of output produced, representing the variable cost per unit of output.
ATC
Average Total Cost, the total cost of production divided by the quantity of output produced.
Economic Profits
The surplus that remains after all operational costs, including opportunity costs, are subtracted from total revenues.
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