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6 Cards in this Set
- Front
- Back
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Cost |
The value of Inputs |
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Fixed Costs |
Costs that are independent of output produced |
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Variable Costs |
Costs that directly link with the level of output |
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Total Cost |
The total cost of production or provision of a service |
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Average cost |
Cost per Unit = Total Cost / Quantity |
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Marginal Cost |
The total cost that occurs when output is changed by one unit = Change in total cost / Change in Quantity |
