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3.3 Glossary of key terms

Unit 3.3 Glossary of key terms - Costs and revenuesKey termDefinitionAverage costsThis is the cost per unit of output. It is calculated by the formula: AC = TC ÷ Q where:AC = Average costTC = Total cost, andQ = Quantity of outputAverage revenueThis is the amount a business receives from its customers per unit of a good or service sold. Mathematically, AR = TR ÷ Q = P where:

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