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The average level of output per worker per hour?
Productivity
What is the meaning of shutdown point?
The shutdown point is the output level at which total revenue is equal to the total variable cost. Here the product price is also equal to its average variable cost.
Explain the difference between diminishing return of scale and economies of scale Provide examples if necessary diminishing return of scale?
Diminishing return of scale is a short run concept. It explains the relationship between the rate of output with increaring inputs of production. Economies of scale, on the other hand, explains the relationship between the LR average cost of producing a unit of good with increasing level of output. Diminishing return of scale is a short run concept. It explains the relationship between the rate of output with increaring inputs of production. Economies of scale, on the other hand, explains the relationship between the LR average cost of producing a unit of good with increasing level of output.
What is the ratio of a lever?
The mechanical advantage of a level is the ratio of the output force to the input force.
What is the average oxygen level in air at sea level?
21%
