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:
- 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.
- 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.
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