A production possibilities curve, a shift to the right away from the origin illustrates economic growth. Group of answer choices opportunity cost scarcity of a good economic downturn economic growth.
Given the scarcity of resources, we have our limits, as the curve shows. If the economy grows and all else remains constant, more can be produced, shifting the production possibilities curve outwards or to the right.
A production possibility curve (PPC) is a model used to show the trade-offs in allocating resources between the production of two commodities. PPC can be used to explain the concepts of scarcity, opportunity cost, efficiency, inefficiency, economic growth, and contraction.
An outward or inward shift in the PPF can be caused by changes in the total amount of available production factors or technological advances. as the total amount of production factors such as labor and capital increases, the economy can produce more goods at any point along its borders.
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Compared to a perfectly competitive market, a monopoly produces a ____ output and charges a ____ price, provided economies of scale are not significant.
Answer:
lower, higher
Explanation:
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Compared to a perfectly competitive market, a monopoly produces less output and charges a high price, providing economies of scale that are not significant.
Why do monopolies produce less output?If the monopolist's marginal revenue is less than the marginal cost, he should reduce output. Monopolies, unlike competitive industries, do not produce efficient output. Monopolies charge more and produce less than a competitive industry.
A monopoly sets the price. When a company has no viable competition and is the sole producer of an industry's product, it is said to have a monopoly.
Monopolies have the ability to limit output, allowing them to charge higher prices than would be plausible in competitive markets. A monopoly, unlike a competitive firm, can cut supply in order to charge a higher price.
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Companies like my gym, which seek to do business in new markets for manufacturing and/or marketing purposes, have many potential ________ at their disposal.
Companies like my gym, which seek to do business in new markets for manufacturing and/or marketing purposes, have many potential Entry modes at their disposal.
What is marketing ?Marketing is the process of discovering, developing, and delivering value in the form of goods and services to fulfill the needs of a target market; it may also include the selection of a target audience.
Brand marketing is a method of promoting your product or service by promoting your entire brand. Essentially, it conveys the tale of your service or product by stressing your entire brand.
Distribution, finance, market research, pricing, product and service management, promotion, and selling are the seven functions of marketing in the marketing sector.
Properly studied and targeted marketing will bring in new and recurring customers.
Current and previous consumers' feedback might help identify areas for development.
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Elsa participates in a title vii investigation at the firm where she works. As a result, elsa's employer demotes her. Elsa can file a?
Elsa participates in a title vii investigation at the firm where she works. As a result, elsa's employer demotes her. Elsa can file a retaliation claim.
Retaliation claims – they are made when an employee complains of discrimination based on a protected status (such as race, gender, or disability) and experiences negative treatment as a result of making the complaint (e.g., the employee receives a demotion). Retaliation may take the form of dismissal or refusal to hire you, a demotion, a wage cut, or a reduction in the amount of hours you work.
Retaliation claims may be successful if the following is established:
The employee was subjected to or witnessed unlawful harassment or discrimination.
The worker took part in a lawful working activity.In response, the company decided to discipline the worker.Learn more about Retaliation claims here
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The economic order quantity (qopt) occurs when the annual ordering and holding costs are:_________
The economic order quantity (Qopt) occurs when the annual ordering and holding costs are safety stock.
Annual demand, holding costs, and order costs are the main components of a formula that determines the Economic Order Quantity (EOQ). With the help of this method, you can balance the amount of merchandise you sell with the cost of maintaining your inventory.
An inventory management strategy called economic order quantity aids in the formulation of effective inventory management choices. It refers to the ideal quantity of inventory that a business should buy to meet demand while lowering holding and storage costs.
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According to cialdini, _____ involve intricate sequences of behavior that occur in the same fashion and in the same order every time.
According to Cialdini, fixed action patterns involve intricate sequences of behavior that occur in the same fashion and in the same order every time.
Fixed action patterns are sequences of behavior which occur in humans as well as animals in the same sense of order every time. These fixed action patterns share a number of defining traits, such as their rigidity, innateness, invariability, inheritability, and complexity.
Fixed action patterns are complex, automatic and involuntary. For instance, a fixed action pattern occurs greylag geese. So, if a female greylag goose's egg rolls out of her nest, she will instinctively use her bill to push the egg back into the nest in a series of very predictable movements.
Hence, the answer is given and explained above.
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Variable costs as a percentage of sales for Lemon Inc. are 79%, current sales are $517,000, and fixed costs are $190,000. How much will operating income change if sales increase by $36,800
The change in operating income is $7,728.
What is the operating income?The net operating income is total revenue less direct and indirect expenses.
The net operating income = total revenue - variable expenses - fixed costs.
Initial operating income:
Revenue = sales = 517,000Variable cost = 0.79 x 517,000 = 408,430Fixed cost = 190,000Operating income = 517,000 - 408,430 - 190,000 = -81,430
New operating income:
Revenue = sales = 517,000 + 36,800 = 553,800Variable cost = 0.79 x 553,800 = 437,502Fixed cost = 190,000Operating income = 553,800 - 437,502 - 190,000 = $-73702
Change in operating income = $-73,702 - -81,430 = $7,728
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You are the recipient of an inheritance that will pay you and your heirs $40,000 per year forever. What is this inheritance worth today at a discount rate of 6. 75 percent?
Present Value of a Perpetuity = Annual Payment ÷ Discount Rate
=$40,000 ÷ 6.75
=$ 5925.92
Present inheritance = $5925.92
What does receiving an inheritance mean?
An inheritance is the collection of assets you might receive from a loved one when they pass away. It can include such things as: Cash. investment assets such as stocks or bonds. Real property, including land and real estate.
What is a beneficiary of an inheritance?
Beneficiary is the legal term for someone who will inherit assets from you, regardless of whether the asset has a beneficiary designation on it or not. Another commonly used term is heir, although in legal terms, this refers to the family members who inherit under state law from those who pass away without a will.
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Peet’s coffee will spend $500,000 marketing its newest latte drink. it expects to sell 1 million of these lattes over the next year. these 1 million lattes are a _____________ for peet’s coffee.
These 1 million lattes are a sales forecast for peet’s coffee. An indication of anticipated sales revenue is a sales forecast. A sales forecast predicts how much your business expects to sell over a specific time period through marketing (in a year).
The most accurate sales projections achieve this feat. Sales projections assist the entire company in allocating funds for marketing, personnel hiring, product shipping, and other purposes. A well-oiled machine that satisfies client demand both now and in the future is produced by accurate sales forecast. Internal sales teams benefit from sales revenue that materializes inside the anticipated time frame.
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Herbert kelman identified two forms of commitment. they are __________ and __________
Answer:
identification; internalization
Herbert Kelman identified two forms of commitment known as "compliance" and "identification". These forms of commitment are related to different motivations and levels of engagement in a particular behavior or belief.
Compliance: Compliance refers to a form of commitment that is driven primarily by external factors such as rewards, punishments, or social pressure. In this case, individuals may comply with a request or engage in a behavior because they feel obligated or fear negative consequences if they do not comply. Compliance often stems from a desire to meet external expectations or avoid conflict.
Identification: Identification, on the other hand, is a form of commitment that arises from a sense of personal connection, identification, or alignment with a particular group or belief. When individuals identify with a group or a cause, they are more likely to voluntarily adopt the behaviors and values associated with that group. Identification reflects a deeper internalization of beliefs and values and is driven by the desire for self-consistency and a sense of belonging.
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Which of the following statements is true of password management software, such as 1 Password?
It requires users to manually enter personal information when filling forms.
Users need to generate strong passwords that contain only special characters.
It synchronizes encrypted data across devices.
It works on limited web browsers.
Which of the following statements is true of password management software, such as 1 Password?
C. It synchronizes encrypted data across devices.
A good password management software should be able to encrypt data and also synchronize the encrypted data across devices for easy access for the user, no matter the device he uses.
What is password management software?This refers to the application that is used in an operating system of either a phone or laptop to store passwords for the user and usually contains a master password.
Therefore, we can note that a good password management software should be able to encrypt data and also synchronize the encrypted data across devices for easy access for the user, no matter the device he uses.
With this in mind, the correct answer is option C.
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Social factors exert the broadest and deepest influence over a person’s consumer behavior. True or false?.
Social factors exert the broadest and deepest influence over a person’s consumer behavior false (culture)
Culture :
A person’s culture is represented by a large group of people with a similar heritage. Culture exerts a strong influence on a person’s needs and wants because it is through culture that we learn how to live, what to value, and how to conduct ourselves in society. The American culture, which is a subset of the Western (European) culture, will be the primary focus of this discussion, although other societies in other parts of the world have their own cultures with accompanying traditions and values.
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The______ shows the total standard time required to produce one end product in each work center required for its manufacture:
The routing shows the total standard time required to produce one end product in each work center required for its manufacture.
Manufacturing is defined because of the creation of new products, either from raw substances or components. Examples of products include automobile businesses, bakeries, shoemakers, and tailors, as all of them create products, rather than impart services.
To make or produce via hand or equipment, specifically on a big scale. To paintings up (fabric) into form to be used: to fabricate cotton, to invent fictitiously; fabricate; concoct: to manufacture an account of the incident.
Manufacturing is the method of turning raw materials or parts into completed items via the usage of gear, human labor, equipment, and chemical processing. Manufacturing is integral to the financial system. Most products had been handmade with the use of human labor and simple equipment earlier than the economic Revolution.
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An activity that fulfills a human want or need and returns money to those who provide it is known as:__________.
An activity that fulfills a human want or need and returns money to those who provide it is known as Services.
An "(intangible) act or usage for which a consumer, business, or government is ready to pay" is referred to as a service. Barbers, doctors, lawyers, mechanics, banks, insurance businesses, and other professionals are a few examples.
Public services are those that are funded by the entire society (a nation-state, fiscal union, or region). Service providers profit from resources, expertise, innovation, and experience to the benefit of service consumers.
The nature of service is intangible. Services are acts or performances that the service provider performs in order to benefit the client.
A customer's assistance and support are measured for their appropriateness and are referred to as service in a more restricted meaning. The retail industry commonly uses this specific phrase.
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Which type of office building generally has the latest amenities, best location and commands the highest rent?
Class A type of office building generally has the latest amenities, best location and commands the highest rent.
What types of class office buildings?Office buildings in commercial real estate are normally classified as either class A, class B, or class C. Different levels of cost, quality, and facilities are indicated by each category. A, B, and C designations are arbitrary, nevertheless, due to the wide regional variations in real estate quality.
What is Class A office space?These "most notable buildings" are "competing for premier office users with rents above average for the area" because they have "clear market presence" and are "most famous buildings." Buildings in Class A are frequently rather massive. and have a prominent location with excellent accessibility.
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Companies like my gym, which seek to do business in new markets for manufacturing and/or marketing purposes, have many potential ________ at their disposal.
Companies like my gym, which seek to do business in new markets for manufacturing and/or marketing purposes, have many potential Entry modes at their disposal.
What is Manufacturing?Manufacturing is the process of creating or producing items with the aid of resources such as machinery, manpower, tools, chemicals, or biological formulations. It is the core of the economy's secondary sector. The phrase can be used to describe a variety of human endeavors, from handicraft to high-tech, but it is most frequently used to describe the industrial design, which entails the massive transformation of raw materials from the primary sector into completed commodities.What exactly is marketing?The act of finding, creating, and providing value in the form of products and services to meet the demands of a target market is known as marketing; it may also involve choosing a target audience.Brand marketing is a strategy for advertising your entire brand in addition to your product or service. In essence, it emphasizes your entire brand while telling the story of your business or product.Learn more about manufacturing or marketing here:
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A CEO who tours company plants to meet and talk to employees at all levels in order to better understand their concerns and feelings is demonstrating which type of leader behavior
Consideration is the type of behavior shown by a CEO who tours company plants to meet and talk to employees at all levels in order to better understand their concerns and feelings.
Developing personal connections with followers, showing care and concern for others, being willing to take into account the individual preferences and working styles of subordinates, and encouraging cooperation among team members are all characteristics of considerate leadership.
Two aspects of a leader's behavior were discovered in 1945 as a consequence of the Ohio State Leadership Studies: consideration and initiating structure. The first effort at a systematic method of researching leadership was made by trait theories.
These research, however, produced unsatisfactory findings since they failed to identify any features that might be used to explain good leadership.
The level of consideration a leader shows for the group's members is referred to as concern.
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What is the role of the financial system?
a) name and describe two markets that are part of the financial system in the u.s. economy.
b) name and describe two financial intermediaries.
To encourage economic expansion and produce a return on investment (ROI) for market players, economic resources should be distributed efficiently.
What is the role of the Financial System?The financial system assists in matching one person's investment with another person's savings. The bond and stock markets are two markets that are a part of the US financial system. Stocks are a kind of partial ownership in a company, whereas bonds are documents of debt.
Two markets that are a component of the financial system in the American economy should be named and described.The bond and stock markets are two markets that are a part of the US financial system. Stocks are a kind of partial ownership in a company, whereas bonds are documents of debt. Banks and mutual funds are two examples of financial intermediaries.Cite two financial middlemen by name.Banks and mutual funds are two examples of financial intermediaries. For the purpose of making loans to borrowers, banks accept deposits from those who desire to save money. In order to purchase stocks and bonds, mutual funds offer shares to the general public.To know more about Financial System visit:
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When a bond contract rate is less than the current market rate on the date of issuance, the bond will be sold at a(n)?
When a bond contract rate is less than the current market rate on the date of issuance, the bond will be sold at Discount
Discount = Contract rate is less than the market rate.
What is meaning of discount and its types?
When a reduction in the amount is allowed in order to encourage more purchase or to have an on time payment is referred to as discount. Discount are classified as: Trade discount: The discount which is allowed when purchases are made in large quantity is known as trade discount.
Contract rate:
The contract rate; also called the coupon rate, stated rate, or nominal rate; is the interest percentage listed on the face of a note or bond. In other words, this is the interest rate that will be paid on the principle balance for the life of the note or bond.
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____________ is the disclosure by an employee of confidential information that relates to some danger, fraud, or other illegal or unethical conduct connected with the workplace, be it of the employer or of fellow employees.
Whistleblowing is the disclosure by an employee of confidential information that relates to some danger, fraud, or other illegal or unethical conduct connected with the workplace, be it of the employer or of fellow employees.
An individual, frequently an employee, who divulges information about conduct inside a private or public organization that is thought to be unlawful, immoral, illegitimate, dangerous, or fraudulent is known as a whistleblower.
Whistleblowers can share information or accusations through a variety of internal or external avenues.
A whistleblower may also make allegations public by speaking with other groups like the press, the government, or law enforcement.
Both the public and private sectors are susceptible to whistleblowing.
Whistleblowers face a significant risk of retaliation since they frequently pay a high price for raising the alarm. The most typical form of revenge is the unexpected termination of a job.
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A flat organization is less likely to respond quickly to customer needs.
a. true
b. false
A flat organization is less likely to respond quickly to customer needs. This statement is FALSE.
A flat organization also referred to as a horizontal organization, has little to no middle management layers between staff and executives.
The distribution of units and roles inside an organization, as well as the nature of the connections between those units and positions, are referred to as the organization's structure.
Organizations can be classified as tall or flat depending on how many levels of management are present and how much power managers have.
The flat organizational structure encourages employee participation through decentralized decision-making.
Comments and feedback are sent to all staff involved in decisions more promptly by increasing the level of responsibility of baseline employees and removing layers of middle management.
As a result of consumer feedback, a quicker response is anticipated.
Hence, the given statement is FALSE.
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A lower expected return means a higher risk will have to be accepted. true false
The statement "A lower expected return means a higher risk will have to be accepted. " Is false. This is further explained below.
What is the expected return?Generally, According to the proverb, "A lower projected return indicates a bigger risk will need to be taken." Is false
In conclusion, The amount of profit or loss that an investor might anticipate obtaining as a result of the investment is referred to as the anticipated return. To get an anticipated return, first, multiply all of the possible outcomes by the percentage chance that each one will occur, and then add up all of those products. It is impossible to provide a guarantee on expected returns.
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If a monopolistically competitive firm's demand curve is shifting to the left, it will stop when?
If a monopolistically competitive firm's demand curve is shifting to the left, it will stop when: firms stop entering the industry
This is further explained below.
What is the industry?Generally, An industry is a set of firms that are considered to be in some way comparable due to the principal commercial activity that they engage in. There are hundreds of different ways to classify industries in contemporary economies. The various kinds of businesses are often organized into broader groups that are referred to as sectors.
In conclusion, If a monopolistically competitive company's demand curve is migrating to the left, it will cease doing so when the following occurs: businesses stop joining the industry.
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________ was initially intended to bring people together to raise funds for a cause.
Fundraiser was initially intended to bring people together to raise funds for a cause.
A fundraiser is an event with a goal of raising funds for an organization. A fundraiser is an event in which an organization cultivates donors as the main members who provide funding's to the particular organization. Thus, a person who raises the money from such donors is known as a fundraiser.
Fundraising provides with supplemental funds which enhances what the group does and provide new opportunities for the members. It can also benefit the community or an individual in the community that needs financial assistance.
Hence, fundraiser was initially intended to bring people together to raise funds for a cause.
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PLEASE HELP THERE ARE TWO SCENARIOS
Scenario A
College graduates are moving back in with family in record numbers. They are waiting longer than previous generations to buy homes and start families. Data show downward trends in new home building, mortgage applications, and the birthrate. Multiple markets are complaining of falling demand. A national supplier of home goods permanently shut down. The media is calling babies born today part of the “baby bust generation.” Economists predict future school closings and labor shortages.
Scenario C
The media report that an “epidemic of the jobless” has emerged. Major corporations and small businesses alike are laying off workers. People are out of work in record numbers and struggling to find jobs. Some admit that they have given up looking. Housing foreclosures are increasing, while banks say they lack the funds to approve new loan applications or to adjust existing loans. Requests for unemployment, housing, and nutrition assistance are at record highs. Charity organizations are not receiving enough donations to meet the growing need in their communities. Credit card companies say the average debt balance is climbing while repayments are falling behind.
Would the Fed address the scenario with expansionary or contractionary policy? Explain.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the scenario.
What is a specific fiscal action that Congress might use in this scenario?
It is correct to state that the Fed will address the scenario with expansionary policy.
What is an expansionary policy?
An expansionary policy is one that seeks to increase the amount of money so that aggregate demand can be stimulated.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the scenario.When money is injected into the economy using tools such as
Examples of fiscal polices that the congress might enlist for deployment in this scenarios are:
To increase aggregate demand, Government will inject more money in to the economy by buying back bonds or embarking on projects at the state and local levels.
Reduction of taxes will also help put more money in the hands of people, thus increasing aggregate demand.
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Answer:
flvs
Explanation:
A
would the red address the scenario with
expansionarv or contractionarv policy? Explain.
The Fed would address this with expansionary.
Which means they would give out more money
What is a specific monetary action the Fed might use
in this scenario? Identity the too and how the red would use it. Explain how this would address the
The action they would use is decrease the reserve requirement. By doing this, banks would be able to give out more money Que to them not needing to
Keen as much monev in reserve
What is a specific fiscal action that Congress might use in this scenario?
Decrease taxes due to schools and labor shortages are happening. Which mean that business and schools wont need to dav as much as taxes
B
Would the red address the scenario with
expansionary or contractionary policy? Explain.
The red would use contractionary due to rising prices and it can slow down
What is a specific monetarv action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address the
scenario
They would sell more government securities so that less money would be in circulation and daily operations being tunded
What is a specific fiscal action that Congress might
use in this scenario?
Congress might decrease taxes due to things being expensive and we needing more money to be in
circulation.
C
Would the red address the scenario with expansionary or contractionary policy? Explain.
The Fed would use expansionary policy due to people not having money and needing it.
What is a specific monetary action the Fed might use in this scenario? Identify the tool and how the Fed would use it. Explain how this would address
the scenario.
The monetary action is that they would decrease reserve requirement and buy government securities. They would give out more money and create funding programs for those who are unemployed.
What is a specitic fiscal action that congress might use in this scenario?
Decrease taxes so that others can buy food and with the money they have left, they are able to buy their needs
Monetary payments made by individuals, firms ,and governments for the use of others' land, labor, capital, and entrepreneurial ability are?
Monetary payments made by individuals, firms, and governments for the use of land, labor, capital, and entrepreneurial ability owned Explicit Cost (also known as accounting costs).
What is Explicit Cost ?Explicit cost refers to the cost incurred on account of purchase of factor and non factor inputs from the market.
Explicit cost is a payment made to others during the course of running a business that represents the outflows of cash in clear and obvious terms. Explicit costs include things like wages, mortgage, rent, utilities, advertisements, raw materials and other general, administrative and sales costs.
The condition of explicit costs is that it must be cash. If an accountant included amortization or depreciation under explicit costs, it would be inaccurate.
Here is a look at how explicit costs are calculated:
Explicit costs = cash outflows from the company's financial statement
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The aicpa removed its general prohibition of cpas taking commissions and contingent fees because:______.
The AICPA removed its general prohibition of CPAS taking commissions and contingent fees because the FTC dragged the AICPA kicking and screaming into the agreement.
With more than 428,000 members in 130 nations, the American Institute of Certified Public Accountants is the primary professional association for CPAs in the United States.
With 421,000 members across 130 nations, the American Institute of CPAs is the largest member association in the world that represents the accounting industry. The AICPA produces and marks the Uniform CPA Examination, creates educational resources, monitors and enforces conformity within the profession, and more.
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_________________ refers to buildings or land intended to generate a profit, either from capital gain or rental income.
Commercial Property refers to buildings or land intended to generate a profit, either from capital gain or rental income.
This is further explained below.
What is Commercial Property?Generally, Buildings and land classified as commercial are used primarily for commercial rather than residential reasons.
Office buildings, hotels, motels, restaurants, retail establishments, and medical facilities are all examples of the many types of commercial real estate.
This is due to the fact that, in the case of residential property, the renters live in the space, which indicates that the landlord plays a bigger part in the tenants' personal life. Consequently, the landlord has more influence on the tenants. The term "commercial property" refers to any real estate that is not mainly utilized for residential purposes, including but not limited to office spaces, retail spaces, warehouses, and even hotels.
In conclusion, Buildings or land that are meant to make a profit, either via capital gain or rental revenue, are referred to as having "commercial property."
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Complete Question
_____________________refers to buildings or land intended to generate a profit, either from capital gain or rental income.
A. Commercial Property
B. Improved Land
C. Primary Residence
D. Unimproved Land
When the price elasticity of demand for a good is very elastic, quantity demanded is _____ to a change in price and the demand curve is relatively _____
When the price elasticity of demand for a good is very elastic, the quantity demanded is curved flat to a change in price and the demand curve is relatively higher.
The demand for an excellent is stated to be elastic (or notably elastic) whilst its PED is extra than one. In this case, adjustments in price have a greater than proportional effect on the quantity of a good demanded.
The perfectly elastic demand curve is horizontal straight line. this is because on the given fee the quantity demanded is countless, even supposing there is a slight exchange within the fee the demand turns into infinity, and consequently the curve is flat.
Whilst the fee elasticity of call for a good is perfectly inelastic (Ed = 0), changes within the price do now not affect the amount demanded for the good; raising costs will continually motive total revenue to grow.
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Access to lifesaving medicine is very limited in parts of africa; as a result, over 10 percent of children do not reach the age of five. What effect would this have on economic growth in africa?
Access to lifesaving medicine is very limited in parts of africa; as a result, over 10 percent of children do not reach the age of five. It would slow economic growth because worker health and labor productivity would grow more slowly.
Labor productivity measures the output of a country's economy computed on hourly basis. Especially, it charts the amount of real gross domestic product (GDP) produced by an hour of labor.
Growth in labor productivity depends on three main factors: saving and investment in physical capital, new technology, and human capital.
Labor productivity should always not to be confused with employee productivity, which is a measure of an individual worker's output.
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If the average cost of producing 9 sweaters is $6. 50 and the marginal cost of producing the tenth sweater is $6. 25, the average cost of producing 10 sweaters will?
If the average cost of producing 9 sweaters is $6. 50 and the marginal cost of producing the tenth sweater is $6. 25, the average cost of producing 10 sweaters will be less than $6.50
If marginal cost is less than average cost, average cost will decrease and therefore be less than $6.50. In this case, average cost of producing 10 sweaters is ($6.50 x 9 + $6.25)/10 = $6.48.
The marginal cost is the variation in total cost brought on by an increase in output, or the cost of producing more. In certain contexts, it might refer to an increase in output of one unit, while in others, it can relate to the rate of change of total cost as output grows by a modest amount.
The total cost is expressed in dollars, whereas the marginal cost is expressed in dollars per unit. The marginal cost is the slope of the total cost, or the rate at which it increases with production.
Marginal cost is the distinction between average cost, which is the total cost divided by the number of units produced.
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