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2 Dec 2021
Introduction
Total output – The units of product produced by the company.
Total cost – The overall cost of producing each level of output.
Marginal cost – The additional cost required to produce an extra unit of output.
Average cost – The per unit total cost of production.
Average variable cost – It refers to per unit variable cost of production.
Zero-profit point– The level of output for which the profit level is zero.
Shutdown point – The level of output for which the firm cannot even recover the average variable cost.
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