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If the voltage of the voltaic cell 6I− + 2NO3− + 8H+ + 6e− → 2NO + 4H2O + 3I2 is 1.50 V, the standard reduction potential of the NO3− + 4H+ + 3e− → NO + 2H2O half-cell reaction is -0.96 V.
Labor
Labor refers to the human effort, both physical and mental, used in the production of goods and services.
Fixed Cost
Costs that do not vary with the level of output or sales, such as rent, salaries, or insurance premiums.
Output
The total amount of goods or services produced by a company, industry, or economy within a particular period.
Diminishing Marginal Returns
A rule indicating that when increasing amounts of a variable input are introduced to a constant input, the output gained from each subsequent unit of input will ultimately diminish.
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