Examlex
What is the primary difference between an entity and an attribute?
Production Function
A mathematical representation in economics that describes the relationship between the inputs used in production and the output of goods or services produced.
Returns To Scale
The change in output resulting from a proportionate increase in all inputs in the production process.
Input
Resources such as labor, materials, and capital used in the production process to create goods or services.
Marginal Products
The additional output resulting from a one-unit increase in the use of a variable input, holding all other inputs constant.
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