Identify the Following Terms

question 87

Short Answer

Identify the following terms.
-Yi dynasty

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Definitions:

Isoquant Map

Graph combining a number of isoquants, used to describe a production function.

Marginal Returns

The additional output gained from increasing one unit of an input while keeping other inputs constant.

Output

The total amount of goods or services produced by a firm or country within a specific period.

Marginal Rate

The rate at which one variable changes with respect to a small change in another variable, often used in the context of taxation.