What do you mean by average product, Microeconomics

Assignment Help:

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 employed

If Q stands for total product L for the number of a variable factor employed then a average product (AP) is given by:

Ap Q/L

We 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.


Related Discussions:- What do you mean by average product

Determine the cost minimizing capital labour ratio, The production function...

The production function for (a Music company ) their CDs is q= 25*K*L , where q is the number of CDs produced each month, K is the hours of equipment used, and L is the hours of la

Health Reform, Healthcare Reform is currently in the news almost every day....

Healthcare Reform is currently in the news almost every day. The current approach proposes a government sponsored health insurance “market” to help control costs and make healthcar

Natural research, Biochemistry is regarded a dull topic. Not many learners ...

Biochemistry is regarded a dull topic. Not many learners like to research it in school since it includes a thorough comprehension of issue and clinical changes in the framework, fr

Economic instruments, Economic instruments Financial rewards, incentives an...

Economic instruments Financial rewards, incentives and penalties that operate automatically via market forces, to encourage beneficial behavior.

MULTIPLE CHOICE, Ask queBrenda owns a construction company that employs bri...

Ask queBrenda owns a construction company that employs bricklayers and other skilled tradesmen. Her firm''s MRP for bricklayers is $22.25 per hour for each of the first seven brick

5 theories of microeconomics, evaluate each in term of strength and weaknes...

evaluate each in term of strength and weakness relative to their applicability to asian economy situation or reality ,2. philippines economy situation or reality

Which of the following statements is true?, Nonmetals tend to gain electron...

Nonmetals tend to gain electrons. A-Metals tend to lose electrons. B-Atoms have the natural tendency to C-fill their outermost shells. All of the above. D-

Economic growth and economic development, Economic growth and Economic deve...

Economic growth and Economic development: Economic Growth refers to an increase in real aggregate output (real GDP) reflected in increased real per capita income.A country is

Calculate currency exchange rate, Question-1 : This question is designed ...

Question-1 : This question is designed to show your understanding of stock market terminology and also the impact of currency exchange rate. You are a Swiss Franc (CHF) based inv

Explain about Growth and development of country, How might one assess if a ...

How might one assess if a country in experiencing both growth and development? This is a matter of explaining clearly both growth and development; growth is an enhance in GDP (

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd