Examlex
If we spent more school time taking out and "fixing" certain students and then trying to "catch them up" to their peers later, all students would succeed.
Diminishing Marginal Product
A principle stating that as more of a variable input is added to a fixed input, the additional output produced from each additional unit of the variable input eventually decreases.
Marginal Costs
The supplementary cost arising from the manufacture of an extra unit of a good or service.
Variable Inputs
Inputs that can be adjusted in the short term to alter the level of output in the production process.
Marginal Cost Function
A mathematical representation showing how the cost of producing one additional unit of a good changes as production volume changes.
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