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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
Divergent production—The ability to generate multiple solutions to a problem; creativity. Convergent production—The ability to deduce a single solution to a problem; rule-following or problem-solving. Evaluation—The ability to judge whether or not information is accurate, consistent, or valid. Content dimension
Average physical product (APP), marginal physical product (MPP) In economics and in particular neoclassical economics, the marginal product or marginal physical productivity of an input (factor of production) is the change in output resulting from employing one more unit of a particular input (for instance, the change in output when a firm's labor is increased from five to six units), assuming ...
Increasing the number of employees by two percent (from 100 to 102 employees) would increase output by less than two percent and this is called "diminishing returns". At some (maybe much later) point (perhaps with 200 employees), each additional employee will actually decrease production. This is called "negative returns". [18]
In the branch of experimental psychology focused on sense, sensation, and perception, which is called psychophysics, a just-noticeable difference or JND is the amount something must be changed in order for a difference to be noticeable, detectable at least half the time. [1]
In microeconomics, marginal profit is the increment to profit resulting from a unit or infinitesimal increment to the quantity of a product produced. Under the marginal approach to profit maximization , to maximize profits, a firm should continue to produce a good or service up to the point where marginal profit is zero.
The decision of increasing the production is only beneficial if the MP K is higher than the cost of capital of each additional unit. Otherwise, if the cost of capital is higher, the firm will be losing profit when adding extra units of physical capital. [3] This concept equals the reciprocal of the incremental capital-output ratio.
An example is the square root function, having the non-negative real numbers as domain and codomain: since , we have: + +. A sequence { a n } n ≥ 1 {\displaystyle \left\{a_{n}\right\}_{n\geq 1}} is called subadditive if it satisfies the inequality a n + m ≤ a n + a m {\displaystyle a_{n+m}\leq a_{n}+a_{m}} for all m and n .