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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fromChapter 3 / Lesson 22
Learn how to calculate average product. Study examples of how to use the average product formula, and discover what average output is used for in businesses.