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| Term | Definition |
|---|---|
| Average Total Cost | It is equal to total cost divided by the number of goods produced. It is also the Average Variable Cost plus Average Fixed Cost. It may be dependent on the time period considered (increasing production may be expensive or impossible in the short term, for example). Its affects the supply curve and are a fundamental component of supply and demand. |
| Average Variable Cost | It is an economics term used to describe the total cost a firm can vary (labor, etc.) divided by the total units of output. |
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