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Units
In economics, units refer to the quantifiable measures used to express the quantity of an item, such as pieces, kilograms, liters, etc., used in transactions or production.
Total Cost
The complete cost of production, encompassing both fixed and variable costs, for a good or service.
Average Fixed Cost
The fixed costs of production divided by the quantity of output produced; decreases as production increases.
Average Variable Cost
The per unit cost of variable inputs divided by the total quantity of output produced, reflecting the variable cost of production.
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