Examlex
A block of wood half as dense as water floats with half its volume above water.A piece of iron is then tied on top so the wood floats with only 1/4 its volume above the surface.If the wood and iron are turned over so that the iron is submerged beneath the wood,then the volume of wood above the water surface will be
Marginal Returns
The additional output that is produced by using one more unit of a variable resource, keeping all other inputs constant.
Nonlabor Resources
are inputs in the production process that are not related to work or effort by employees, such as capital, land, and materials.
Diminishing
Refers to the principle where increasing one input, while holding others constant, will eventually yield lower per-unit returns.
Long Run
In economics, a period in which all factors of production and costs are variable, and firms can enter or exit the market.
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