Examlex
The answer is in this format: 5:9. What is the ratio of the speed of one motor turning at 1,750 rpm to the speed of a second motor turning at 3,500 rpm?
Marginal Product
The additional output produced by using one more unit of a production input, holding all other inputs constant.
Employment
The condition of having a paid job or occupation, involving a contract between an employer and an employee that provides compensation for work performed.
Marginal Product
The additional output that is produced by adding one more unit of a variable resource, such as labor or capital, to the production process.
Average Product
The output produced per unit of a factor of production, calculated by dividing total product by the quantity of the input.
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