Instructions: Identify the Terms and Briefly State Their Historical Significance

question 119

Essay

Instructions: Identify the terms and briefly state their historical significance.
compass and the sternpost rudder

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Definitions:

Production Function

An equation or graph that shows the maximum output that can be produced from a given set of inputs or resources, under certain conditions and technologies.

Returns To Scale

The rate at which production output increases as a result of proportional increases in all inputs.

Marginal Product

The additional output that results from using one more unit of a particular input, holding all other inputs constant.

Production Function

A mathematical equation that describes the maximum output that can be produced with a given set of inputs, such as labor and capital.