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Definitions from the Web

Average Cost

Description:

The term "average cost" refers to the total cost of a certain quantity of items or services, divided by the number of units. It helps in determining the typical or expected cost for each unit or item.

Parts of Speech:

• Noun: The average cost of groceries has increased over the years.
• Verb: We need to average the costs to get an accurate estimate.

Senses and Usages:

1. Sense: General Cost Calculation
• Usage: The average cost of living in the city is quite high.
• Example Sentence: The average cost of a one-bedroom apartment in this neighborhood is $1500 per month.
2. Sense: Business and Economics
• Usage: The company needs to determine the average cost of production to set competitive prices.
• Example Sentence: The average cost of producing a single unit of this product is $10.

Related Products:

• Average Cost Calculator
• Cost Analysis Tools
• Economic Statistics Books