The Numbers Used to Represent Each Possible Value or Outcome

question 70

Short Answer

The numbers used to represent each possible value or outcome in a computer simulation are referred to as ________.

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Definitions:

Average Variable Cost

The total variable cost of production divided by the number of units produced, indicating the variable cost per unit.

Break-even Point

The point at which total cost and total revenue are equal, meaning there is no profit or loss.

Average Total Cost (ATC)

Total cost divided by output.

Average Variable Cost (AVC)

Variable cost divided by output.