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Total Factor Productivity accounts for the portion of economic output that cannot be explained by the number of inputs used in its production.
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The marginal product of labor (MPL) refers to the additional output generated by employing one more unit of labor, holding all other inputs constant.
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Marginal Revenue Product quantifies the additional revenue generated from employing one more unit of resource, typically labor or capital.
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Club goods are products that are non-rival, but excludable. For example, membership clubs and online subscription services like Netflix or Spotify.
Sunk costs refer to any past investment of time, money, or resources that cannot be recovered.
Marginal cost refers to the additional expense incurred when producing one more unit of a good or service, and it is widely used in microeconomics.
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Average variable cost in economics relates to the cost structure of a firm in the short-term, and focuses on those costs that vary with the level of production.
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Average Total Cost (ATC) is a key metric in a firm’s short-run cost analysis, it represents the average cost of producing each unit of output.
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Average fixed cost (AFC) is the fixed cost per unit of output produced. Fixed costs are those expenses that do not change with the level of production.
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Producer surplus is the difference between the payment that a producer is willing to accept for a product, and the amount that they actually receive.
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Say’s law argues that economic production inherently generates the means and willingness to purchase goods i.e., that supply creates its own demand.
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Cross price elasticity of demand measures the extent to which a change in the price of one product affects the demand for another.
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Price elasticity of supply, in economics, measures how the quantity of a good supplied by producers changes in response to a change in the good's price.
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The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity that producers are willing to supply.
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Income Elasticity of Demand is defined as the responsiveness of the quantity demanded of a good, by consumers, to changes in consumer income.
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