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In the following series of reactions,what is the shared intermediate?
Economies of Scale
Cost advantages obtained by an increase in production, leading to a reduction in average costs per unit.
Long-run Average Total Cost
The average total cost of production when all inputs, including capital, are variable, typically illustrating economies of scale.
Marginal Cost
The increased cost resulting from the creation of one more unit of a good or service.
Average Total Cost
The total cost of production divided by the quantity produced, indicative of the cost per unit of output.
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