The average product is the A. maximum output attainable with fixed factors and one variable factor. B. total product per unit of an input. C. change in the total product due to a one unit change in input. D. total product divided by the total cost.

Question:

The average product is the

A. maximum output attainable with fixed factors and one variable factor.

B. total product per unit of an input.

C. change in the total product due to a one unit change in input.

D. total product divided by the total cost.

The production process

The production process in economics is concerned with transforming a range of inputs into outputs that are required by the market. Generally, it involves the use of raw materials, machinery, and manpower to create a product.

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Average Product in Economics: Definition & Formula

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Chapter 3 / Lesson 22

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The average product is the A. maximum output attainable with fixed factors and one variable...

Question:

The production process

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