Examlex
According to Bentham, punishment needs to be cruel and extreme in order to be an effective deterrent.
Variable Costs
are expenses that vary directly with the level of production or output.
AVC
Average Variable Cost refers to the total variable costs per unit of output in economics, helping businesses analyze production expenses.
ATC
Average Total Cost, which is the total cost per unit of output produced, calculated by adding all production costs and dividing by the number of units produced.
Marginal Output
The increase in output resulting from a one-unit increase in the level of input, while holding other inputs constant.
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