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Three-year-olds scribble all over the page, but 4-year-olds can make more precise drawings because 4-year-olds have more developed:
Economic Profit
The total revenue of a business minus its total costs, including both explicit and implicit costs.
Average Variable Cost
The total variable cost divided by the total output, indicating the variable cost for producing one more unit of a good or service.
Economic Profit
A measure of profitability that accounts for the full opportunity costs of all resources employed, including both tangible and intangible costs.
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