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EXCHANGE RATE MECHANISM: The system used to link the euro to the currencies of European Union member nations that do not immediately participate in the use of the euro. Linkages with these non-participating European Union member nations is voluntary, but designed to ease their transition into full-blown use of the euro.

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Lesson 14: Production | Unit 2: Production Measures Page: 8 of 25

Topic: Marginal Product <=PAGE BACK | PAGE NEXT=>

  • A definition of marginal product:

  • Marginal product is the change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged.
  • Marginal product shows how much total product changes when one additional worker is added to the product process.

  • It is found by dividing the change in total product by the change in the variable input and is calculated using this formula:

    marginal product (MP)=change in total product
    change in variable input


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CETERIS PARIBUS

A Latin term meaning that other factors remain unchanged. Ceteris paribus is commonly used as an assumption when conducting a wide variety of economic analyses. By holding everything else constant, the ceteris paribus assumption makes it possible to identify the cause-and-effect relation between two factors. Relaxing the ceteris paribus assumption is the primary analytical technique used in the comparative statics study of economics.

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Today, you are likely to spend a great deal of time flipping through the yellow pages looking to buy either a replacement remote control for your stereo system or a computer that can play video games and burn DVDs. Be on the lookout for telephone calls from former employers.
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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