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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.
Quizlet's primary products include digital flash cards, matching games, practice electronic assessments, and live quizzes. In 2017, 1 in 2 high school students used Quizlet. [ 4 ] As of December 2021, Quizlet has over 500 million user-generated flashcard sets and more than 60 million active users.
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 ...
Gross domestic product (GDP) is a monetary measure of the market value [2] ... This measures the average production of a person in the country. Lists of GDP per capita:
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 marginal revenue product of a worker is equal to the product of the marginal product of labour (the increment to output from an increment to labor used) and the marginal revenue (the increment to sales revenue from an increment to output): =. The theory states that workers will be hired up to the point when the marginal revenue product is ...
A product group is a "collection of similar products". [9] The fact that there are "many companies" means that each company has a small market share. [ 10 ] This gives each MC company the freedom to set prices without engaging in strategic decision making regarding the prices of other companies (no mutual independence) and each company's ...
Gross national product (GNP) is the market value of all the goods and services produced in one year by labor and property supplied by the citizens of a country. Unlike gross domestic product (GDP), which defines production based on the geographical location of production, GNP indicates allocated production based on location of ownership.