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Average product and marginal product: Average product (AP) is the output per unit of the variable factor employed. In other words, it is the productivity of the variable facto
demand curve
The marginal benefit of a refrigerant in a production process (the producer's willingness to pay for its use) is 100-5Q. The marginal damage from the use of the refrigerant on the
marginal conditions of pareto efficeincy
Risk Averse: - A person who prefers certain given income to risky income with same expected value. - A person is careful risk averse if they have a diminishing marginal ut
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So what caused the end of Malthusian age? How did humanity escape from the trap in that invention and ingenuity increased the numbers though not the material well-being of humanity
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The Objective Probability - 100 explorations out of which 25 successes and 75 failures - Probability (Pr) of success = 1/4 and probability of failure = ¾ Given: -
Economic Value to Customer Economic Value to Customer = EVC x = [LifeCycle costs of a competitor's product in relation to a home firm] - [Start-up Costs for the home fir
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