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In the bending of the elbow,the
Average Product
The amount of output produced on average by each unit of a variable input, such as labor, in the production process.
Marginal Product
is the additional output resulting from a one-unit increase in the quantity of one input while holding other inputs constant, illustrating the concept of diminishing returns.
Last Dollar Spent
The concept of allocating resources until the marginal utility of expenditure on each good or service is equal, maximizing utility.
Labor Productivity
A measure of the amount of goods and services produced by one hour of labor.
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