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-Mae Marsh ___
Returns To Scale
An economic concept describing how the output changes in response to a proportional change in all input factors.
Marginal Product
The additional output that is produced by using one more unit of a particular input, holding all other inputs constant.
Factor X
Factor X is a placeholder term used to denote an unknown or unspecified factor in an equation or scenario.
Production Function
A mathematical relationship expressing the maximum output that can be produced from a given set of inputs, showing the technological relationship between inputs and outputs.
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