One of the Most Difficult Things to Predict When Planning

question 32

Essay

One of the most difficult things to predict when planning a budget is __________.

---

Definitions:

Marginal Products

The additional output resulting from a one-unit increase in the use of a particular input, holding all other inputs constant.

Exponents

Mathematical symbols representing the number of times a number or expression is multiplied by itself.

Production Function

A mathematical representation that defines the relationship between inputs used in production and the output generated from those inputs.

Returns To Scale

The rate at which production increases in response to proportional increases in all inputs.