Is the average of total products produced divided by the number of workers quizlet?

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Is the average of total products produced divided by the number of workers?
What is the average product of labor quizlet?
What is average product quizlet?
What is found by dividing total output by the number of workers employed to produce that output?

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183.3 = (200+250+100) / 3

1. Whenever the marginal product of labor is greater than the average product of labor, the average product of labor must be increasing.
ex) even if you get a low GPA first semester, if your GPA continuously increases, your average cumulative GPA will rise as well.

2. Whenever the marginal product of labor is less than the average product of labor, the average product of labor must be decreasing.

The marginal product of labor = average product of labor at the quantity of workers for which the average of product of labor is at its maximum.

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15th EditionDouglas A. Lind, Samuel A. Wathen, William G. Marchal

1,236 solutions

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11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman

1,012 solutions

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13th EditionDavid R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams

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Principles of Economics

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Is the average of total products produced divided by the number of workers?

Average product (AP), also called average product of labor (APL), is total product (TP) divided by the total quantity of labor. It is the average amount of output each worker can produce. The average product curve and marginal product (MP) curve intersect at the maximum average product.

What is the average product of labor quizlet?

The average product of labor is the average of the marginal products of labor.

What is average product quizlet?

Average product. Average product of a variable input is the total output produced with a particular quantity of the variable input divided by the quantity of the variable input.

What is found by dividing total output by the number of workers employed to produce that output?

Appendix A and appendix B present the computational frameworks of the two approaches described above. Labor productivity is defined as output per unit of labor, and is calculated by dividing output produced by a measure of the labor input used to produce the output (number of employees or labor hours).