Examlex
What is a surplus? What is a shortage?
Variable Inputs
Inputs that can be adjusted in the short term to alter the level of output in the production process.
Marginal Cost Function
A mathematical representation showing how the cost of producing one additional unit of a good changes as production volume changes.
Optimal Output
The level of production that maximizes a firm’s profit or minimizes its cost under given conditions.
Profit
The financial gain acquired when the revenue generated from business activities exceeds the expenses, costs, and taxes needed to sustain the activity.
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