Your Best Friends Are Planning on Placing Their 18-Month-Old Daughter

question 26

Essay

Your best friends are planning on placing their 18-month-old daughter in a group child-care setting. Both mom and dad have mixed feelings. What information can you provide to help them make the best decision?

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Definitions:

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.

Resources Fixed

A situation in an economic model where the availability of resources is constant and unchanging over time.

Output Variable

A variable that represents the result or outcome of a process or model.