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In Scenario 17-2 above,the application would serve Joey as a
Average Product
The output per unit of input, calculated by dividing total production by the total quantity of input.
Labor
The work performed by humans that is used in the production of goods and services.
Diminishing Marginal Returns
An economic principle stating that as one factor of production increases while others remain constant, the incremental gains in output will eventually decrease.
Input
Resources such as labor, materials, and capital used in the production of goods and services.
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