To calculate the CPC at the content level, the measured number of visitors is divided by the costs. Visitors are "All Unique Page Views" found under Content Reach:

As a rule, content causes one-off costs and with each additional visitor, the value eventually goes towards zero.

In the example, the content CPC is already below the Adwords CPC, which is the desired goal:

A different picture can now appear at the project level, because in this case the content CPC is output as the average of the individual contents:

Adwords CPC Content 1 + Adwords CPC Content 2 + Adwords CPC Content 3 + ...

-------------------------------------------------- -------------------------------------------------- --------------------Number of Contents

If you select the table view at project level, you can see the individual Content CPC values that result in the average:

In the example, the average content CPC is €27.40. This value is also displayed in the dashboard view: