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Perform the indicated matrix operations.
-Let . Find .
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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