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The total demand for many business goods and services is inelastic that is, not much affected by price changes.
Marginal Revenue Product
The boost in revenue achieved by adding one more unit of a factor involved in production.
Marginal Product
The additional output that results from using one more unit of a particular input, keeping other inputs constant.
Variable Input
Any resource used in production whose quantity can be changed in the short term to increase or decrease output.
Marginal Revenue Product Curve
A graphical representation showing how the additional revenue generated by employing one more unit of a resource varies with the quantity of the resource employed.
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