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Marginal Product
The increase in output that arises from an additional unit of input, holding all other inputs constant.
Labor
The human effort, both physical and mental, used in the production of goods and services.
Average Variable Cost
The variable cost per unit of output, calculated by dividing total variable costs by the quantity of output.
Cost Of Production
The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.
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