Examlex
Which of the following is not a way in which managers use the production cost reports to make decisions for their companies?
Marginal Product
The additional output that results from using one more unit of a particular input, while holding other inputs constant.
Average Product
The output obtained by dividing the total product by the number of units of the variable input used in production, ideally reflecting productivity per input unit.
Total Product
The total output or quantity of goods produced by a firm or economy at a given level of input.
Diminishing Returns
A principle stating that if one factor of production is increased while other factors are held constant, the incremental increases in output will eventually decrease.
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