Examlex
Total surplus is the market efficiency gained from a market.
Production Function
A mathematical model describing the relationship between input factors (like labor and capital) and output, indicating how much can be produced with given resources.
Supply Function
A mathematical relation showing the quantity of a good that producers are willing and able to sell at different prices, holding other factors constant.
Factor Price
The price paid for the use of a factor of production, such as labor, land, or capital.
Production Function
A mathematical model that describes the relationship between input factors of production (like labor and capital) and the output of goods or services that result.
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