Examlex
Which of the following formulas is correct for aggregate income?
Returns To Scale
In production theory, the change in output resulting from a proportional change in all inputs; can be increasing, constant, or decreasing.
Input
Resources used in the production process of goods and services, including raw materials, labor, and capital.
Decreasing Returns
A concept in economics where each additional unit of input results in a progressively smaller increase in output, often observed in production processes.
Marginal Product
The additional output that is produced by using one more unit of a particular input while holding other inputs constant.
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