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Genie, a 14-year-old child, was abused all her life and never exposed to language. As a result, she was never able to develop normal language skills. Isabelle, a 6-year-old child, was given only minimal attention and never exposed to language, yet was able to learn normal language skills within a year. In what aspect of their lives did these two children differ that so affected the eventual outcome of their language development?
ATC
Average Total Cost, which is the total cost of production divided by the quantity of output produced, encompassing both fixed and variable costs.
Plant Size
The physical capacity or output potential of a manufacturing or production facility.
Implicit Cost
The opportunity cost of using resources already owned by the firm for its current purpose, rather than their next best alternative use.
Economic Profits
The surplus remaining after total costs (both explicit and implicit) are subtracted from total revenues, often indicating the financial health and efficiency of a company.
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