Examlex
________ is defined as a group of people working together to achieve a common goal via a process of feedback and iteration.
Marginal Cost
The expense associated with manufacturing an extra unit of a product.
Average Total Cost
The total cost of production (fixed and variable costs combined) divided by the quantity of output produced.
Total Variable Cost
The total of all costs that vary with the level of output, including costs such as materials and labor.
Average Variable Cost
The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output produced.
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