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Reaction Function
A formula or model that predicts how a firm will change its output in response to changes in prices, outputs, or strategies of other firms.
Demand Function
A mathematical expression that shows the relationship between the quantity demanded of a good and its determining factors, such as price and income.
Marginal Cost
The climb in cumulative cost associated with the crafting of one more unit of a product or service.
Pumpkins
A type of winter squash, commonly orange in color when ripe and used for food, as well as for decorative purposes such as Halloween jack-o'-lanterns.
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