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What is the Great Recession? Describe its causes and also its impact on the Canadian Economy.
Factor Prices
The prices of the inputs used in the production process, such as labor and capital.
Production Function
An equation that specifies the output that a firm can produce with varying combinations of inputs, such as labor and capital.
Supply Function
A mathematical relationship that describes the quantity of goods that producers are willing and able to sell at different prices.
Cost Function
A mathematical formula used to calculate the total cost incurred by a company to produce a given level of output.
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