Examlex
A process that is determined to be in control contains no variation.
Average Variable Cost
The total variable cost of production divided by the quantity of output produced.
Average Total Cost
The total cost of production divided by the quantity of output produced, illustrating the average cost per unit of output.
Cost Curve
A graphical representation showing how the cost of producing a good changes with changes in the quantity of the good produced.
Cost Curve
A graphical representation that shows the costs of production as a function of the total quantity produced.
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