Examlex
According to the trichromatic theory of colour vision,humans have three different cone receptors,and yet we can detect about seven million different colours.Which of the following is the best explanation of this?
Returns To Scale
An economic concept describing how the increase in inputs affects the level of output of a production process.
Production Function
A mathematical equation that describes the relationship between inputs and the maximum output that can be produced with those inputs.
Inputs
Resources used in the production process, such as labor, capital, materials, and energy.
Production Isoquant
A production isoquant is a curve that represents all combinations of inputs that yield the same level of output, used in production theory to analyze efficient production.
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