Examlex
The grade level (K-12)of a student is an example of a numerical variable.
Diminishing Marginal Product
A principle stating that as additional units of a variable input are added to a fixed input, the additional output produced by each new unit will eventually decline.
Marginal Product
The additional output generated by using one more unit of a specific input, keeping other inputs constant.
Output
The total amount of goods or services produced by a company, industry, or economy.
Marginal Product
The additional output gained by adding one more unit of a specific input, while keeping other inputs constant.
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