Examlex
A generator converts electrical energy into mechanical energy.
Productivity
The measure of the efficiency of production, often quantified as the ratio of outputs produced to inputs used in the production process.
Output Effect
The output effect is the impact on total revenue generated by selling an additional unit of a product or service, assuming the price remains constant.
Production Costs
The total expenses incurred in the process of creating and manufacturing a product.
Substitution Effect
The economic principle that as the price of a good increases, consumers will replace it with cheaper alternatives, whereas if the price decreases, the good will become more preferable.
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