A Variable Is Anything That Has a Fixed Numerical or Categorical

question 40

True/False

A variable is anything that has a fixed numerical or categorical value.

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Definitions:

Marginal Product

It is the increase in output that results from a one-unit increase in the input, keeping all other inputs constant.

Average Product

The output per unit of a particular input, such as labor or capital, calculated by dividing total product by the quantity of input.

Average Product

The output produced per unit of input used, typically calculated by dividing total product by the quantity of input.

Marginal Product

The additional output gained by employing one more unit of a particular input, keeping other inputs constant.