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The value that the measures of national income and output assign to a good or service is its market value – the price it fetches when bought or sold. The actual usefulness of a product (its use-value) is not measured – assuming the use-value to be any different from its market value. Three strategies have been used to obtain the market ...
The total cost of producing a specific level of output is the cost of all the factors of production. Often, economists use models with two inputs: physical capital, with quantity K and labor, with quantity L. Capital is assumed to be the fixed input, meaning that the amount of capital used does not vary with the level of production in the short ...
t. e. In economics, output is the quantity and quality of goods or services produced in a given time period, within a given economic network, [1] whether consumed or used for further production. [2] The economic network may be a firm, industry, or nation. The concept of national output is essential in the field of macroeconomics.
Gross domestic product (GDP) is a monetary measure of the market value [2] of all the final goods and services produced and rendered in a specific time period by a country [3] or countries. [4][5][6] GDP is often used to measure the economic health of a country or region. [3] Definitions of GDP are maintained by several national and ...
Total revenue. Total revenue is the total receipts a seller can obtain from selling goods or services to buyers. It can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.
Average fixed cost is the fixed cost per unit of output. As the total number of units of the good produced increases, the average fixed cost decreases because the same amount of fixed costs is being spread over a larger number of units of output. Average variable cost plus average fixed cost equals average total cost:
The "megaton (of TNT equivalent)" is a unit of energy equal to 4.184 petajoules (4.184 × 10 15 J). [ 3 ] The kiloton and megaton of TNT equivalent have traditionally been used to describe the energy output, and hence the destructive power, of a nuclear weapon .
1. 0. 1. 1. 1. 0. XOR gate (sometimes EOR, or EXOR and pronounced as Exclusive OR) is a digital logic gate that gives a true (1 or HIGH) output when the number of true inputs is odd. An XOR gate implements an exclusive or ( ) from mathematical logic; that is, a true output results if one, and only one, of the inputs to the gate is true. If both ...