List Three of the Special Features of the LS100

question 1

Essay

List three of the special features of the LS100.

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Definitions:

Law of Diminishing Returns

A principle stating that if one factor of production is increased while others remain constant, the overall returns will eventually decrease after a certain point.

Marginal Cost Curves

Graphs that show how the cost of producing one additional unit changes as the production volume increases.

Variable Costs

Costs that change in proportion to the level of output or activity, such as raw materials, labor, and utilities.

Output

The quantity of goods or services produced by a business, industry, or country.