The cost incurred by individuals or firms to provide goods or services, excluding external harms unless legally obligated.
Total cost of production divided by quantity produced, combining both average fixed cost and average variable cost.
Understanding the concept of diseconomies of scale in economics.
A method of pricing that covers average costs at normal production levels with an added conventional mark-up.
Definition and explanation of long-run average cost (LRAC) in economics.
The additional cost incurred from an increase in an activity.
The increase in private cost resulting from a marginal increase in an activity, excluding any external effects.
The increase in social cost resulting from a marginal increase in an activity, including all external effects.
