Advertisements
Advertisements
Question
What are Average product?
Solution
Average product is the production per unit of a factor, such as labour. It is expressed as APL = `"TP"/"L" or "Q"/"L"`.
APPEARS IN
RELATED QUESTIONS
State the behaviour of marginal product in the law of variable proportions. Explain the causes of this behaviour
State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
What is the law of variable proportions?
Answer the following question.
Explain the law of variable proportions with the help of a diagram.
Formula for calculating AP is
Who said, that one of the key of an entrepreneur is “uncertainty bearing”.
The short-run production is studied through
Product obtained from additional factors of production is termed as
Which one of the following is NOT a ceteris paribus assumption of the Law of Supply?
When the Marginal Product turns negative, Total Product will ______.
Why is the AVC curve U-shaped?
At the point of inflexion, ______ is maximum.
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
Study the data given below and identify the laws followed in the production of A and B depicted in the Table I and Table II. Justify your answer with a reason for each.
| Table I | Table II | ||||
| Machines | Labour | Output of A (units) | Machines | Labour | Output of B (units) |
| 5 | 10 | 1000 | 5 | 10 | 400 |
| 5 | 11 | 1150 | 10 | 20 | 800 |
| 5 | 12 | 1310 | 15 | 30 | 1200 |
With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.
Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.
