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8 Cards in this Set

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marginal product of labor

is the change in output that results from employing an added unit of labor.

marginal productivity

iable proportions, principle of diminishing marginal productivity, or diminishing marginal returns) is the decrease in the marginal (incremental) output of a production proces

diminishing marginal

The Law Of Diminishing Marginal Utility is a law of economics stating that as a person increases consumption of a product - while keeping co

variable cost

ariable costs are those costs that vary depending on a company's production volume; they rise as production increase

total cost

Total cost refers to the total expense incurred in reaching a particular level of output

marginal cost

In economics, marginal cost is the change in the total cost that arises when the quantity produced is incremented by one unit. That is, it is the cost of producing one more unit of a good. In general terms, marginal cost at each level of production includes any additional costs required to produce the next unit.

marginal revenue


In microeconomics, marginal revenue (R') is the additional revenue that will be generated by increasing product sales by one unit. It can also be described as the unit revenue the last item sold has generated for the firm.

operating cost

Operating costs are the expenses which are related to the operation of a business, or to the operation of a device, component, piece of equipment or facility. They are the cost of resources used by an organization just to mai