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Marginal Product
The additional output resulting from a one-unit increase in the input of a particular productive resource, holding all other inputs constant.
Average-Total-Cost
The cost per unit of output, calculated by dividing the total cost (fixed and variable costs) by the total quantity produced.
Marginal-Cost
The expense associated with producing one additional unit of a good or service, critical for decision-making in business and economic policy.
Economies of Scale
The cost advantage achieved by an increase in production, leading to a reduction in expenses per unit due to more efficient use of resources.
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