Examlex
In biosphere II,the system did not remain totally self-contained because soil bacteria produced more CO2 than anticipated requiring oxygen to be pumped in from outside.
Marginal Product
The additional output produced as a result of using one more unit of a particular input, holding all other inputs constant.
Profit Maximization
The process by which a company determines the price and output level that generates the maximum profit.
Production Function
A formula that specifies the output of a firm, an industry, or an entire economy for all combinations of inputs.
Cost Per Unit
The cost incurred in the production of one unit of a product, including material, labor, and overhead costs.
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