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The Time Series Component That Reflects the Irregular Changes in a Time

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The time series component that reflects the irregular changes in a time series that are not caused by any other component,and tends to hide the existence of the other more predictable components,is called random variation.


Definitions:

Marginal Product

The additional output that is generated by adding one more unit of a specific input, ceteris paribus.

Marginal Product

The additional output resulting from the use of one more unit of a variable input, holding all other inputs constant.

Production Possibilities

A curve that represents the maximum combination of goods or services that can be produced in a given period with available resources.

Marginal Product

The extra output generated from increasing a particular input by one unit, while all other inputs remain unchanged.

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