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In each case below,indicate the effect [increase (+);decrease (-);indeterminate (ind)] upon equilibrium price (P)and equilibrium quantity (Q)and illustrate the change graphically.Where you believe the effect is indeterminate,two graphical illustrations may be necessary to demonstrate your point.
Average Product
The Average Product is an economic term that describes the output per unit of input, calculated by dividing total product by the number of units of input.
Diminishing Returns
The principle where the increase in the quantity of input will, after a certain point, yield progressively smaller increases in output.
Costs Of Production
The total expenses incurred in the manufacturing of a product, including raw materials, labor, and overhead.
Input Prices
The costs or expenses incurred in acquiring the raw materials and services needed to produce a product.
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