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Virginia works in the human resources department of a pharmaceutical company. Virginia is reviewing the skills of current managers to determine if any have both formal business and biochemistry education. Based on her findings,Virginia will know whether she can promote one of the current managers to a new position or will have to look outside of the company. What part of the human resources management process is Virginia involved with?
Average Total Cost
The total cost of production divided by the number of units produced, representing the per unit cost of production.
Product Curve
A graphical representation showing the rate of output production for varying levels of one input while holding other inputs constant, often used in the context of the production function.
Innovation
The act of introducing something new or developing an improved version of a product, service, or process.
Invention
The creation of a new product, process, or idea that did not exist previously.
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