The Table in Number 18 Is Called a Two-Way Table

question 43

Essay

The table in number 18 is called a two-way table. Why is the terminology of two-way table used?

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Definitions:

Labor

The human effort, physical or mental, used in the production of goods and services.

Marginal Product

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

Total Output

The total amount of goods and services produced by an economy or firm in a specific period.

Total Revenue

The total amount of money generated by a firm from selling its goods or services before any costs or expenses are subtracted.