What Is Colic

question 22

Multiple Choice

What is colic?

• A)delayed growth patterns during infancy.
• B)inconsolable crying believed to be due to the immaturity of the central nervous system.
• C)infants who are developmentally and physically slow.
• D)infants who are unable to latch on to a nipple and suck.

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Definitions:

Economies of Scale

The economic gains achieved by businesses because of their large scale, volume of production, or extent of operations, which usually results in a reduction in the cost per unit as the scale of operation grows.

Cost-output Elasticity

Cost-output elasticity measures the responsiveness of the cost of producing a good to a change in the output level, indicating how costs change as production scales.

Marginal Cost

The increase in expenditure resulting from the production of an additional unit of a good or service.

Short-run Cost Function

The relationship between the cost of production and the level of output when at least one input is fixed in the short term.