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The company that you work for has outlined the following to its customers: On-time deliveries will be set at 95 percent; ordering and billing accuracy will be at a minimum of 98 percent; and four warehouses will be established to serve western provinces. These policies are examples of
Marginal Product
The additional output that is produced by adding one more unit of a specific input, while holding all other inputs constant.
Total Product
The entire quantity of output or goods produced by a firm, given its current inputs.
Marginal Product
Represents the increase in output attributable to the employment of an additional unit of a resource, with other resources held constant.
Total Product
The total quantity of output that a firm produces, usually within a given period.
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