Examlex
Before going into space,astronauts spend many hours training on flight simulators allowing them to learn how to fly without life and death consequences.How would you describe the technology the flight simulator is using?
Production Function
An equation, graph, or table that describes the maximum amount of output a firm can produce from a given set of inputs.
Variable Factor
In economics, an input in the production process that can be adjusted in the short run to change the quantity of output.
Fixed Factors
Inputs in the production process that cannot be easily increased or decreased in a short period of time.
Constant Returns To Scale
a situation in production where increasing all inputs by the same percentage results in output increasing by that same percentage.
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