Examlex
Describe the advantages and disadvantages of a husband-wife team running a business.
Diminishing Marginal Product
The decrease in the additional output produced when one more unit of input is added, keeping all other inputs constant.
Average Total Cost
The cost for each unit produced, found by taking the total cost of producing goods and dividing it by the output quantity.
Production Function
An equation that describes the maximum amount of output that can be derived from a set number of inputs.
Diminishing Marginal Product
The principle that says the marginal product of a factor of production decreases as the quantity of the factor is increased, holding all else constant.
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