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Discuss the all-inclusive vs. current operating performance views of income.
Returns To Scale
A concept in economics that describes how the output of a production process changes as the scale of production inputs changes.
Production Function
A mathematical model that describes the relationship between inputs used in production and the resultant output.
Isoquant
An isoquant is a curve depicting all combinations of inputs which produce the same level of output, used in the study of production theory.
Production Functions
A formula that relates the output of goods and services to the inputs used in their production.
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