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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.
A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable
Emulating the Private Sector: The principle of corporate governance need be applied to the BW institutions. IMF The most important issue to how to reform the countries
Individual demand curves for two perfectly competitive market TC1=10q1+1/2q1^2+100 = firm 1 TC2=10q2+q2^2+100
The law of supply is that producers will supply more the higher the price of the commodity. The supply curve is an upward sloping function showing a direct relationship among pric
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