Decreasing returns to scale is a characteristic of the production of a good that requires proportionally higher amounts of inputs to produce each unit of output as the amount of output increases.
Marginal Product refers to the additional amount of output that is produced by employing one more unit of a particular input, holding all other inputs constant. It is a measure of production efficiency and is crucial in understanding the behavior of production processes.
A mathematical formula that describes the relationship between various inputs and the output they produce, often used to analyze the efficiency and productivity of firms or entire industries.
