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Discuss the complex issue of "NIMBY." How do we balance the desires of individuals with the needs of our larger society?
Total Profit
The overall financial gain made by a business after subtracting all costs and expenses from the total revenue.
Marginal Profit
The additional profit earned by producing and selling one additional unit of a good or service.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, holding all other inputs constant.
Variable Input
An input whose quantity can be changed in the short term to adjust production levels, such as labor or raw materials.
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