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write the definition of the following terms related to production function and production cost. short-run and long-run periods of production fixed input, variable inputs, average
write the definition of the following terms related to production function and production cost.
- short-run and long-run periods of production
- fixed input, variable inputs, average fixed cost, average variable cost, total fixed cost, total variable cost, total cost, and marginal cost
- profit, total revenue, marginal revenue, break even quantity and contribution margin
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