ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Detailed explanation-1: -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.
Detailed explanation-2: -Average product is defined as the output produced by per unit of variable factor (labour) employed. Algebraically, it is defined as the ratio of the total product by units of labour employed to produce the output, i.e.
Detailed explanation-3: -Average product of an input is output per unit of the input.
Detailed explanation-4: -Average product: Average product is defined as the output per unit of variable input. We calculate it as APL=TPL/L, where APL is the average product of labour, TPL is the total product of labour and L is the amount of labour input used. 3.