The Marginal Product of a Factor Is Just the Derivative

question 44

True/False

The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor, holding the amounts of other factor inputs constant.

Assess how returns to scale affect long-run average costs.

Interpret the relationship between economies of scale, diseconomies of scale, and long-run cost curves.

Comprehend the relationship between output levels and average/marginal costs.

Grasp the idea of economies and diseconomies of scope.

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