Level 1 and level 2 caches (L1 and L2) can provide a very fast cpu with a copy of a portion of main memory currently being accessed.
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L1 cache is more expensive/byte that main memory and takes up valuable space on the cpu chip.
Accessing the L1 cache is typically almost as fast as accessing registers.
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The L2 cache is off the cpu chip. It may take a few cpu clock cycles to access, but may be connected to it by a special bus and accessing it is on the order of 100 times faster than accesssing main memory.