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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.
give me answer of theory of product prices
Explain the meaning of the statement "coffee and tea are close substitutes".
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would a rational producer be concerned with the average or marginal product of an input in deciding whether or not to hire the inputs?
Q. What is Tradeable product? Tradeable:A product (a service or good) is tradeable if its purchaser can purchase it far away from the place where it is produced. Most goods (ot
use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labour on an increase in immigration..
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How can we calculate the Inflation rate Inflation: The rise in general prices and the decrease in value of money. Inflation is a sustained increase in the general price level
Explain in detail the concept of PPC with suitable eg.
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