Total cost per unit of output, found by dividing total cost by the quantity of output. When compared with price (per unit revenue), average total cost (ATC) indicates the per unit profitability of a profit-maximizing firm. Average total cost is one of three average cost concepts important to short-run production analysis. The other two are average fixed cost and average variable cost. A related concept is marginal cost.

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Mona Mallard Duct Tape Industries, the world's a leading producer of duct tape (that all-purpose, omni-present, shiny gray tape), is located right here in Shady Valley. Perhaps you've heard that they recently developed a new-fangled form of duct tape that's certain to revolutionize duct tape as we know it. This revolutionary development has, however, created a "situation" that we, pedestrian explorers of the economy, should consider. Mona Mallard's new duct tape uses "quagliminium," a relatively limited mineral found only in the quaint and courteous Republic of Northwest Queoldiola. Prior to this duct tape development, quagliminium had only one use, as lubricant for OmniStraight shoestring straighteners. The Northwest Queoldiolan supplies were sufficient to lubricate shoestring straighteners well into the year 3000. As a duct tape input, though, quagliminium deposits will be exhausted in a scant 50 years. Should we, could we, allow Mona Mallard to exhaust the supply of quagliminium? If they do, how will future generations lubricate their shoestring straighteners? Should we call for a moratorium on quagliminium use?
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Today, you are likely to spend a great deal of time going from convenience store to convenience store trying to buy either a coffee cup commemorating the first day of winter or a video game player. Be on the lookout for vindictive digital clocks with revenge on their minds.
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