Examlex
On a graph that shows velocity on the vertical axis and time on the horizontal axis,the area under the curve represents
Average Fixed Cost
The fixed costs of production (costs that do not change with the level of output) divided by the quantity of output produced.
Variable Cost
Costs that change in proportion to the level of activity or volume of production in a business.
Total Cost
Total cost refers to the aggregate sum of all costs, both fixed and variable, incurred by a business in producing goods or services.
Fixed Cost
Fixed cost is an expense that does not change with the level of production or sales, such as salaries, rent, and insurance.
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