The average product of a factor in a firm or industry is its output divided by the amount of the factor employed.
Related information about average product:
- Average product - AmosWEB
The quantity of total output produced per unit of a variable input, holding all other inputs fixed. Average product, usually abbreviated AP, is found by dividing total ...
- Average Product & Marginal Product - AmosWEB
A mathematical connection between average product and marginal product stating that the change in the average product depends on a comparison between ...
- What is average product? definition and meaning
Definition of average product: Ratio of total product to the total quantity of an input used to produce the product.
- Average product formula
The formula for the average product of labor (or capital) is simply output, Q, divided by the number of workers (or units of capital), L (K). Simply,. APL = Q/L APK ...
- How to Calculate Average Product Given Input of Labor & Total Output
Average product measures your productivity with a particular number of workers. To calculate the average product, you need the total product. For example, the ...
- Total Product Marginal and Average Product - Sonoma State ...
Total Product. 0. 20. 40. 60. 80. 0. 1. 2. 3. 4. 5. 6. 7. 8. 9. Units of Labor. Total Product. Marginal and Average Product. -10. 0. 10. 20. 30. 0. 1. 2. 3. 4. 5. 6. 7. 8. 9 ...
- Production theory - Wikipedia, the free encyclopedia
The average product typically varies as more of the input is employed, so this relationship can also be expressed as a chart or as a graph. A typical average ...
- Finding Total, Average and Marginal Product
To find the firm's average product of labour, divide the total product of labour by L. To find the firm's marginal product of labour, take the derivative of the total ...