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(Advanced analysis) The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. The equilibrium price is
Marginal Cost Curve
A graphical representation showing how the cost of producing one additional unit of a good varies as production increases.
Average Product
The output per unit of input, such as the quantity of goods produced per worker, used to measure productivity.
Marginal Product
The additional output that can be produced by adding one more unit of a specific input, whilst holding other inputs constant.
Total Product
The total output of goods or services produced by a firm during a given period of time.
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