A Schematic Representation of All the Activities and Interactions That

question 9

True/False

A schematic representation of all the activities and interactions that occur in a process is called a Pareto chart.

---

Definitions:

Marginal Products

The additional output that is produced by employing one more unit of a particular input while holding the quantities of all other inputs constant.

Exponents

Mathematical notations indicating the number of times a base number is multiplied by itself.

Production Function

A mathematical representation that describes the relationship between inputs used in production and the output achieved.

Returns To Scale

A term in economics that describes how the change in the amount of input affects the change in output of a production process.