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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.
During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use supply and demand diagrams, how the following markets are affected in terms of pr
What currency was used in the 1700s? Ans) this is depends on the country. Most currencies, though, were based on gold and silver. In America, in the 13 colonies, tobacco wa
what is supply and demand
Population census: A population census is the head count of people living in a geographical area or in a country. A population census collects comprehensive data on people to
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give a detailed discussion on the term economics of scale as applied to economics, highting examples,limitation,and original of economics of scale.
Explain the factors influencing the value of PED and yED. PED and YED should be explained and then dealt with in terms of determinants. PED is dependent on availability/closene
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The plant cell when placed under hypertonic medium loses a great quantity of water and its cell membrane detaches from the cell wall. In that situation the cell is known as plasmol
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