Production and cost — Economics STD 11 Commerce — Question
CBSE BoardEnglish MediumSTD 11 CommerceEconomicsProduction and cost3 Marks
Question
What is the average product of an input?
✓
Answer
Average product is per unit product of a variable factor. Alternatively "AP is total physical product per unit employment of a variable input". It is obtained by dividing total product by the total number of units of variable factor. Algebraically, it is defined as the ratio of the total product.
by units of labour employed to produce the output, i.e. $\text{AP}=\frac{\text{TP}}{\text{L}}$
Where,
TP = Total Product
L = units of labour employed.
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