Examlex
The probability distribution for a discrete variable x is a formula, a table, or a graph providing p(x), the probability associated with each of the values of x.
Fixed Costs
Costs that do not change with the level of output or sales, such as rent, salaries, and insurance, remaining constant regardless of business activity levels.
Marginal Product
The increase in output that results from employing one more unit of a particular input, holding all other inputs constant.
Average Total Cost
The total cost of production divided by the quantity of output produced. It includes both fixed and variable costs.
Marginal Product
Marginal Product is the additional output that results from using one more unit of a particular input, holding other inputs constant.
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