Convert the Following to Its Decimal and Percent Equivalents

question 8

Short Answer

Convert the following to its decimal and percent equivalents.

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Definitions:

Production Function

A mathematical model describing the relation between input quantities and their respective outputs.

Marginal Products

A new definition for the additional units of output gained by employing one more unit of a specific input, keeping all other inputs constant.

Law of Diminishing Returns

An economic principle stating that as investment in a particular area increases, the rate of profit from that investment, after a certain point, cannot continue to increase if other inputs remain the same.

Average Product

The output per unit of input, calculated by dividing total product by the quantity of input.