Unit 3.7 - Key termsAverage fixed cost (AFC) are the fixed costs per unit of output, i.e., AFC = TFC / Q.Average revenue (AR) is the amount a firm receives from its customers per unit of a good or service sold.Average total cost (ATC), also known as average cost (AC), refers to the cost per unit of output, i.e., ATC = TC ÷ Q, where Q = quantity of output.Average variable cost (AVC) refers to the variable costs per unit...