Examlex
Three types of cones, receptors in the retina of our eye, respond primarily to
Returns To Scale
The change in output resulting from a proportional change in all input factors where all inputs are increased or decreased by the same factor.
Marginal Products
This refers to the additional output that results from using an extra unit of a particular input, assuming other inputs are constant in the production process.
Production Function
A mathematical expression that describes the relationship between input factors and the output of goods or services.
Returns To Scale
The change in output of a production process as all inputs are increased proportionally.
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