Examlex
I have a hunch that tomorrow is going to be a bad day. This is an example of the subjective probability.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, holding all other inputs constant.
Variable Input
An input whose quantity can be changed in the short term to adjust production levels, such as labor or raw materials.
Marginal Cost Curve
A graphical representation showing how the cost to produce one additional unit changes as production volume increases.
Profit-maximizing
Refers to a firm's goal of achieving the highest possible profit given its production costs and market conditions.
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