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Production Function
An economic model expressing the relationship between inputs (like labor and capital) and the quantity of output produced.
Profit Maximization
The process or strategy of adjusting the production and sale of goods and services to achieve the highest possible profit levels.
Production Function
An equation that describes the relationship between the inputs used in production and the output generated from those inputs.
Marginal Product
The additional output produced as a result of using one more unit of a particular input, holding all other inputs constant.
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