Explain the term average fixed cost
Explain the term average fixed cost.
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Average fixed cost (it is fixed cost per unit) changes along with a change in the quantity of production. When the volume of production rises, average fixed cost will reduces. When the quantities of production reduce, average fixed cost will raise. Therefore, there is an inverse relationship in between quantity of production and fixed costs.
Define the term business forecasting briefly.
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Describe the term trend projection.
Define the Revenue Concept in brief.
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Explain the term relatively inelastic demand.
What are the trade types of cycle distinguished by Schumpeter?
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