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Production Function
A mathematical model that represents how a firm combines inputs to produce outputs, highlighting the efficiencies and technologies in use.
Factor Prices
The prices of inputs used in the production of goods or services, such as labor, capital, and raw materials.
Marginal Cost
The cost added by producing one additional unit of a product or service.
Marginal Cost Curve
A graphical representation showing how the cost of producing one additional unit of a good changes as production volume changes.
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