Chapter 7.6: Dynamic Changes in Costs - The Learning Curve
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4 Terms
1
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Learning Curve
a curve that describes the relationship between a firm’s cumulative output and the amount of inputs needed to produce each unit of output.
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predict
The learning curve is crucial for a firm that wants to ___ the cost of producing a new product.
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falls
The per-unit labor requirement __ with increased production.
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increases
The total labor requirement for producing more and more output ___ in smaller and smaller increments