Cost definitions set out operative measures for assessing production costs and pricing under competition law regulatory framework.

Regulation 2 sets definitional standards for competition-law cost assessments, linking undefined terms to the Act and identifying the Commission. It defines total cost as actual production cost including material, direct labour, direct expenses, overheads, quality control, R&D, packaging, finance and administrative overheads; total variable cost as total cost minus fixed costs; average variable cost as total variable cost divided by output; total avoidable cost and average avoidable cost; long run average incremental cost; market value; and marginal cost.

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