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If you obtained a sample of Martian rock, determined the abundances of 230U and 207Pb in it, and found that for every one uranium atom there were seven lead atoms, what would be the age of this rock? Note that 230U decays to 207Pb with a half-life of 700 million years.Assume that there was no 207Pb in the rock when it originally formed.
Marginal Product
The additional output that is produced by using one more unit of a factor of production, all other inputs remaining constant.
Profit
Total revenue minus total cost.
Diminishing Marginal Product
The principle that as more of a variable input is added to a fixed input, the additional output produced from each new unit of input will eventually decrease.
Production Function
A production function describes the relationship between inputs used in production and the output generated from those inputs.
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