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Define the Following Terms

question 35

Short Answer

Define the following terms:
-radial design


Definitions:

Marginal Product

The additional output produced as a result of adding one more unit of a particular input, keeping other inputs constant.

Average Product

The ratio of total product to the amount of input used, determined by dividing the overall output by the input quantity.

Average Product

The average amount of output produced per unit of a specific input, like labor or capital, over a certain period.

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