Examlex
Provide a definition for Export Development Canada (EDC).
Variable Input
An input in the production process that changes in quantity with the level of output, such as raw materials or labor hours.
Wage
The fixed regular payment, typically calculated on an hourly, daily, or piecework basis, made by an employer to an employee.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.
Profit Maximize
The process by which a company determines the price and output level that returns the greatest profit, taking into account costs and demand.
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