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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.
Jeremy is an economics student who loves hamburgers. He could eat any number of them for dinner, but he gets a really bad stomach ache after eating a certain amount. In fact, his u
my q is dat how can we find mathematically dat a production function is concave?
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Adding the economic activities of government to the circular flow model shows that: 1. Government spending creates inflation 2. Government purchases of goods and services,
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