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 PERFECT COMPETITION, MARGINAL ANALYSIS: A perfectly competitive firm produces the profit-maximizing quantity of output that equates marginal revenue and marginal cost. This marginal approach is one of three methods that used to determine the profit-maximizing quantity of output. The other two methods involve the direct analysis of economic profit or a comparison of total revenue and total cost.
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 Lesson 14: Production | Unit 2: Production Measures Page: 9 of 25

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• THE fundamental principle of short-run production illustrated by these marginal product numbers is the law of diminishing marginal returns.

• The law of diminishing marginal returns is a principle stating that as more and more of a variable input is added to a fixed input, the marginal product of the variable input eventually declines.
• Two types of marginal returns are actually illustrated here.

• Increasing Marginal Returns.

• Decreasing Marginal Returns.

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AVERAGE PRODUCT AND MARGINAL PRODUCT

A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between the average product and marginal product. If marginal product is less than average product, then average product declines. If marginal product is greater than average product, then average product rises. If marginal product is equal to average product, then average product does not change.

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 The first paper notes printed in the United States were in denominations of 1 cent, 5 cents, 25 cents, and 50 cents.
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