Examlex
In the equation of exchange, if M = $1.5 trillion, V = 7, and P = 1.05, then
Average Cost
The aggregate expense of manufacturing, when divided by the quantity of items made.
Marginal Costs
The price of generating one more unit of a product or service.
Marginal Productivity
The additional output generated by employing one more unit of a particular resource, while holding other inputs constant.
Returns to Scale
The rate at which production output increases in response to proportional increases in all inputs.
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