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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.
How did fixed exchange rates and the Golden Standard affect the U.S. economy as well as other countries.
Market Demand Market Demand Curves - A curve which relates the quantity of a good that all the consumers in a market buy to price of that good. Determining Market Demand
what happens when price is fix and there is a change of the supply and demand curve
Modern economy: It explored the role of money in every modern economy.The chapter also revealed that it is necessary for the government to ensure consistency between the quant
how might opportunity cost help to explain the pattern of international trade?
Construct a table indicating the social expected loss corresponding to each combination of precaution choices by the two individuals. (ii) What is the socially efficient combinatio
World Trade Organization: An international economic organization based in Geneva, Switzerland,formed in 1995 which is dedicated to promoting greater trade and investment among its
Market-Friendly Reforms: One main shortcoming of present development cooperation is that recipients of development cooperation is that recipients of development finance are d
note for assignment
Infrastructure : Infrastructure plays an important role in the development of an economy. The adequacy or lack of it determines an economy's success or failure in increasing p
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