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Unit Of Input
A measurement of the amount of resources (labor, materials, etc.) used in the production of goods and services.
Average Product
The output per unit of input, calculated by dividing the total product by the quantity of input.
Marginal Product
Marginal product is the increase in output that results from adding one more unit of a specific input, holding all other inputs constant.
Fixed Costs
Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance premiums.
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