Microeconomics Ch 18
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Factors of production
The inputs used to produce goods and services.
The relationship between the quantity of inputs used to make a good and the quantity of output that good.
Marginal product of labor
The increase in the amount of output from an additional unit of labor.
Diminishing Marginal product
The property whereby the marginal product of an input declines as the quantity of the input increases.
Value of the marginal product
The marginal porduct of an input times the price of the output.
The equipment and structures used to produce goods and services.
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