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Define and explain the question of action.
Average Total Cost
The total cost of production divided by the total output or quantity produced.
Average Variable Cost
Calculated by dividing the total variable costs by the quantity of output produced; it shows the variable cost per unit of output.
Marginal Cost
The supplementary expenditure brought on by the creation of one more unit of a good or service.
Total Variable Cost
The sum of all variable expenses that are incurred in the direct production of goods or services.
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