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SPF Sunscreen Corporation and Taylor agree to resolve their dispute through arbitration. The arbitrator's decision is called
Marginal Analysis
An examination of the additional benefits of an activity compared to the additional costs incurred by that same activity.
Additional Costs
Expenses that are not initially planned or anticipated, which can arise during the course of a project or as part of an operation.
Economic Models
Simplified representations of complex economic processes used to predict future economic activity.
Simplifying Assumptions
Rational approximations or conditions made to simplify complex systems or models so that they are easier to analyze or understand.
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