Examlex
Aaron and Yarun are carrying on a takeout pizza business as a partnership and Yarun has bought a car with his own money for use in the partnership business.After a few months, Yarun tells Aaron that he wants to use the car at night and on the weekends, but Aaron says it must be used exclusively for the partnership business.Since the car was paid for by Yarun, he can use it however he likes.
Output
The quantity of goods or services produced by a firm or industry within a certain period of time.
Inputs
Resources used in the production process to create goods and services, including labor, capital, materials, and energy.
Output
The quantity of goods or services produced by a company, industry, or economy within a specified time period.
Constant Returns to Scale
A situation in production where increasing all inputs by a certain proportion results in output increasing by that same proportion.
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