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The average product of labor (APL) is the total product of labor divided by the number of units of labor employed, or Q/L. [2] The average product of labor is a common measure of labor productivity. [4] [5] The AP L curve is shaped like an inverted “u”. At low production levels the AP L tends to increase as additional labor is added.
Graph of total, average, and marginal product In economics , a production function gives the technological relation between quantities of physical inputs and quantities of output of goods. The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative ...
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Total product (= Output, Q) = Quantity of goods; Average Variable Cost (AVC) = Total Variable Cost / Quantity of goods (This formula is cyclic with the TVC one) Average Fixed Cost (AFC) = ATC – AVC; Total Cost = (AVC + AFC) X Quantity of goods; Total Variable Cost = Variable cost per unit X Quantity of goods; Total Fixed Cost = TC – TVC
The arithmetic mean (or simply mean or average) of a list of numbers, is the sum of all of the numbers divided by their count. Similarly, the mean of a sample x 1 , x 2 , … , x n {\displaystyle x_{1},x_{2},\ldots ,x_{n}} , usually denoted by x ¯ {\displaystyle {\bar {x}}} , is the sum of the sampled values divided by the number of items in ...
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where = is the average product of capital and = is the average product of labor. [ 3 ] : 191 Within the graph above, the Average Fixed Cost curve and Average Variable Cost curve cannot start with zero, as at quantity zero these values are not defined since they would involve dividing by zero.
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