Examlex
An efficiency wage is an above-market wage that spurs greater work effort and gives the firm more profits because of lower wage costs per unit of output.
Labor Per Unit
The amount of labor required to produce a single unit of output.
Cumulative Number
A total that increases over time by adding sequential amounts.
Lagrangian Technique
A mathematical method used in economics and engineering to find the maximum or minimum values of a function subject to constraints.
Optimal Capital/Labor Ratio
The most efficient mix of capital and labor that maximizes output or minimizes cost for producing a given level of output.
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