Examlex
Authority is the obligation or expectation to perform a duty.
Marginal Costs
The supplementary cost arising from the manufacture of an extra unit of a good or service.
Variable Inputs
Inputs that can be adjusted in the short term to alter the level of output in the production process.
Marginal Cost Function
A mathematical representation showing how the cost of producing one additional unit of a good changes as production volume changes.
Optimal Output
The level of production that maximizes a firm’s profit or minimizes its cost under given conditions.
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