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Average product equals the units of output produced per unit of a factor of production while keeping other factors of production constant. The higher the average product, the more productive a factor of production is and vice versa.
Average Product. It is defined as the output per unit of factor inputs or the average of the total product per unit of input and can be calculated by dividing the Total Product by the inputs (variable factors). Average Product = Total Product/ Units of Variable Factor Input. Source: FreeEconHelp.
Average product is the average output (or products) produced by each input (often, number of employees). In order to calculate average product, you simply divide total product...
Average product is the measure of output produced per unit of input, calculated by dividing the total output by the number of units of input used in production. It highlights how efficiently resources are being utilized in the production process and is essential for understanding the relationship between input and output levels.
The average product is a measure of productivity that represents the output per unit of input in the production process. It is calculated by dividing the total output by the quantity of the variable input used to produce that output.
The average product of labor gives a general measure of output per worker, and it is calculated by dividing total output (q) by the number of workers used to produce that output (L).
Average product is a measure of the output produced per unit of input in a production process, calculated by dividing total output by the quantity of a particular input used. This concept is crucial for understanding efficiency in production, particularly in distinguishing between the short run and long run scenarios where varying inputs can ...
Keep going! Check out the next lesson and practice what you’re learning:https://www.khanacademy.org/economics-finance-domain/ap-microeconomics/production-cos...
This video uses numbers to explain total product, average production, and marginal product.
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