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MARGINAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product lies at the very foundation of the analysis of short-run production and the subsequent explanation of the law of supply and the upward-sloping supply curve, using the law of diminishing marginal returns.
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AVERAGE REVENUE PRODUCT AND MARGINAL REVENUE PRODUCT A mathematical connection between average revenue product and marginal revenue product stating that the change in the average revenue product depends on a comparison between the average revenue product and marginal revenue product. If marginal revenue product is less than average revenue product, then average revenue product declines. If marginal revenue product is greater than average revenue product, then average revenue product rises. If marginal revenue product is equal to average revenue product, then average revenue product does not change.
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites wanting to buy either decorative garden figurines or a wall poster commemorating last Friday (you know why). Be on the lookout for infected paper cuts.
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It's estimated that the U.S. economy has about $20 million of counterfeit currency in circulation, less than 0.001 perecent of the total legal currency.
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"The roots of education are bitter, but the fruit is sweet." -- Aristotle, Greek philosopher
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ACBS
Accrediting Commission for Business Schools
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