Examlex
The sample size needed to estimate a population mean to within 50 units was found to be 97.If the population standard deviation was 250,then the confidence level used was
Returns To Scale
In production theory, the change in output resulting from a proportional change in all inputs; can be increasing, constant, or decreasing.
Input
Resources used in the production process of goods and services, including raw materials, labor, and capital.
Decreasing Returns
A concept in economics where each additional unit of input results in a progressively smaller increase in output, often observed in production processes.
Marginal Product
The additional output that is produced by using one more unit of a particular input while holding other inputs constant.
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