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List and briefly discuss the advantages and disadvantages of the internal rate of return (IRR).
Marginal Product
The extra output, or increase in production, that results from adding one more unit of a specific input, while other inputs are kept constant.
Total Product
The total quantity of output produced by a firm over a given period of time.
Average Product
The output per unit of a particular input, calculated by dividing total output by the quantity of inputs.
Labor
Human effort, either physical or mental, used in the production of goods and services.
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