Examlex
________ is a combination of natural language and programming language that is used to document an algorithm.
Production Function
An equation or model that describes the relationship between inputs used in production and the output produced.
Diminishing Returns
The principle stating that if one factor of production is increased while others remain constant, the overall returns will incrementally decrease after a certain point, leading to reduced efficiency.
Decreasing Returns to Scale
A situation in which a proportional increase in all inputs results in a less-than-proportional increase in output.
Cobb-Douglas Production Function
The Cobb-Douglas Production Function is an economic model representing the relationship of an output to inputs, typically showing how labor and capital contribute to the production process in a way that reflects diminishing returns.
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