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Average product of a factor is the total output produced per unit of the factor employed thus,Average product = total product / number of units of factor employedIf Q stands for total product L for the number of a variable factor employed then a average product (AP) is given by:Ap Q/LWe can measures the average product from the total product data given in table 16.1 thus when two units of labour are employed the average product is Q/K = 170 / 2 = 85 similarly when three units of labour are employed average product is 270/3 = 90 so on.
what is profit maximization..
definition
The objective of the Government of Mauritius, as announced in the Budget Speech 2007/2008, is to target 2 million tourists by 2015. (a) Critically assess whether the target of
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discuss the central economic problem facing survivor group
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