Examlex
Normal visual sensation in the absence of complete visual perception is best illustrated by
Average Variable Cost
The total variable costs (costs that change with output level) divided by the quantity of output produced.
AVC
Average Variable Cost; the cost of variable inputs divided by the quantity of output produced.
AFC
Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.
MC
Marginal Cost, the change in total cost that arises when the quantity produced is incremented by one unit.
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