Examlex
Human language has a hierarchical structure,with the most elementary building blocks being the units of sound that are recognized as separate in any given language.These building blocks are called
Cost Functions
Mathematical representations that describe how production costs change with changes in the level of output.
Technology 2
Refers to the application of scientific knowledge for practical purposes, especially in industry, often implying the use of newer or second generation technologies.
Long-Run Cost Function
A mathematical relationship expressing the lowest cost at which a firm can produce any given level of output in the long run, when all input factors are variable.
Output
The total amount of goods or services produced by a company, industry, or economic system.
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