Examlex
Silicon is an element that is found directly underneath carbon in the periodic table and thus has similar properties to carbon, including electron orbitals. How many electrons are in the valence shell of a silicon atom?
Average Total Cost
The total cost of production divided by the quantity of output produced; it includes all variable and fixed costs.
Economies of Scale
The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output generally decreasing with increasing scale as fixed costs are spread out over more units of output.
Long-run Average Total Costs
The average cost per unit of output where all inputs, including capital, are variable and the firm has adjusted all inputs to find the lowest average cost.
Long-run Marginal Cost
The change in total cost when producing one additional unit of a product or service in the long term, where all inputs are considered variable.
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