Examlex
IDEA and ESEA have made it clear that past practices have tended to:
Production Function
A mathematical model describing the relationship between the inputs used in production and the resulting output of goods or services.
Returns To Scale
The change in output as a result of a proportional change in all input factors in the production process.
Marginal Product
The additional output resulting from the use of one more unit of a production factor, holding other factors constant.
Factor X
An unspecified or unknown factor that can influence outcomes in an economic model or analysis.
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