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Average Product
The output per unit of a given input, typically labor, calculated by dividing total product by the quantity of that input.
Marginal Product
The additional output generated by adding one more unit of a particular input, holding all other inputs constant.
Profit-Maximizing
The process of adjusting production and sale strategies to achieve the highest possible profit.
Input Prices
The costs associated with the factors of production used in the creation of goods or services, such as raw materials and labor.
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