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What Term Refers to the Value That Occurs Midway in a Series

question 79

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What term refers to the value that occurs midway in a series of numbers (that is, the middle case) ?

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Definitions:

Factor Price

The price at which factors of production (land, labor, capital) are bought and sold.

Production Function

A mathematical model that describes the relationship between inputs used in production and the resulting output.

Profit-maximizing

The process or strategy of adjusting production and operations to achieve the highest possible profit under given conditions.

Fixed Factor

A resource in the production process whose quantity cannot readily be changed in the short term.

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