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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.
Distinction Between Cost and Expenditure As has already been defined, cost is the money equivalent of material and human resources needed to produce a good or a service. Expen
isoquants curve shows
Public Expenditure Trends: The expenditure pattern of the Government sector has been generally guided by the concern about the role of the State in the economy, both as invest
Qustions: You are the sales manager at SoftSystem, a dominant firm that produces operating system. The new operating system, Doors XR, has been newly developed. Its demand is e
Strategic Importance of Supply Chain Management This describes the scope of supply chain management (SCM), including the management of procurement, logistics and materials. It
Hotel rooms go for $100/room and sell 1000/day; if taxed at $10/room and rate goes to $108 and 900 rooms are sold, what''s the tax revenue and dead weight loss?
Q. Define about Mutual Fund? Mutual Fund: A financial vehicle that involves pooling investments in the shares of many different joint stock (or publicly traded) companies, in o
Explainbainlimitpricetheory
#questAbout four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for genera
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