Examlex
Describe five main types of models.
Total Cost
The complete sum of money required for the production of goods or services, including expenses that stay the same and those that vary.
Average Total Cost
The sum of all production costs divided by the total quantity produced, indicating the cost per unit of output.
Average Variable Cost
The cost per unit of a good or service that varies with the level of output, excluding fixed costs.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output.
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