Economics: Chap. 13
The Costs of Production
The Costs of Production
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marginal product
the increase in output that arises from an additional unit of input
diminishing marginal product
the property whereby the marginal product of an input inclines as the quantity of the input increases
fixed costs
costs that do not vary with the quantity of output produced (e.g. rent)
variable costs
costs that vary with the quantity of output produced
