Typically,arbitrators Use Four Factors When Deciding Cases

question 81

Essay

Typically,arbitrators use four factors when deciding cases.Discuss these four key factors and whether they are the only factors used when arbitrators decide cases.

---

Definitions:

Least-costly Combination

In production, using the mix of resources that minimizes cost while producing a given level of output.

Marginal Resource Cost

Marginal resource cost is the additional cost incurred by producing one more unit of a good or service.

Marginal Revenue Product

The extra income produced by the use of an additional unit of a resource, like labor or capital.

Total Output

The total quantity of goods or services produced by an economic entity in a given period.