Examlex
Elasticity measures how responsive quantity is to changes in price.
Variable Input
An input in the production process that varies with the level of output, such as labor or raw materials.
Marginal Product
The increase in output resulting from a one-unit increase in the use of a particular input, while holding other inputs constant.
Average Product
The output produced, on average, by each unit of a variable input, such as labor or capital, in the production process.
Total Product
Total product refers to the total quantity of output that a firm produces over a given period, typically in relation to varying levels of input.
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