Examlex
Rationality assumes
Production Function
A mathematical relationship expressing the maximum output that can be produced from a given set of inputs in the production process.
Marginal Product
The additional output that results from using one more unit of a production factor, keeping all other factors constant.
Total Output
The complete quantity of goods and services produced by an economy in a given period.
Life Expectancy
The average number of years an individual or group is expected to live, often used as a statistical measure of health and well-being in a population.
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