Examlex
On a test of academic ability,most students get consistent scores from test to retest,but their scores do not predict their school performance.What can we say about the reliability and validity of the test?
Average Product
The output produced per unit of input, calculated by dividing total production by the number of input units.
Marginal Product
The additional output resulting from using one more unit of a particular input while holding all other inputs constant.
Accounting Profits
The difference between total revenue and explicit costs, representing the net income shown on a company's financial statements.
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