Consider the following statements and choose the right option given below.

1. Total cost per unit of output is called Average cost.

2. Total revenue per unit of output is called Average revenue.

1
Only the statement 1 is correct 
2
Only the statement 2 is correct
3
Both the statements 1 and 2 are incorrect
4
Both the statements 1 and 2 are correct 
5
Question Not Attempted

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