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Define average product?
Average product defined as- dividing total production of inputted variables by number of inputted variables. For example- average product of 3,5,7,9 is-(3+5+7+9)/4= 6.
What is the total value of a product?
The total value of a product includes installing, maintenance and materials used in the creation of the product. It is the total value when making a final purchase.
What happens to the marginal product when the total product is increasing but at a decreasing rate?
When the total product is increasing but at a decreasing rate, the marginal product will also decrease.
What is the economic measurement that helps to define when business cycles begin and end?
The economic measurement that helps to define when business cycles begin and end is called Gross Domestic Product (GDP). It measures the total value of goods and services produced within a country's borders and is used to track the fluctuations in economic activity over time.
What is an important part of the total product offer for a product?
packaging...
Define total product and average product?
Total product is a term used to measure exactly how much product is made or sold. Average product is used to compare the making or selling of a product over time.
Define average product?
Average product defined as- dividing total production of inputted variables by number of inputted variables. For example- average product of 3,5,7,9 is-(3+5+7+9)/4= 6.
What is Total Product Cost?
total product that needs to sell to cover total costs
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
What is the total value of a product?
The total value of a product includes installing, maintenance and materials used in the creation of the product. It is the total value when making a final purchase.
What happens to the marginal product when the total product is increasing but at a decreasing rate?
When the total product is increasing but at a decreasing rate, the marginal product will also decrease.
How does marketing add value to a product?
Product has 3 parts which is core product, total product and amendment product and marketers add value to total product. Core product comes from manufacturer which is nothing to do with marketing and amendment product means warranty. how do they add vale to total product? it can be packaging, advertising, designing for changing customer behavior.
Relationship between total and marginal product?
Total product is the sum of all marginal products.
What are the sum and the product of a number?
The sum is the total when numbers are added together, the product is the total when they are multiplied.
What is the total cost of the product excluding tax?
The total cost of the product excluding tax is the price of the product before any taxes are added.
What is the total cost of the product, excluding VAT?
The total cost of the product, excluding VAT, is the price of the product before any taxes are added.
What is the economic measurement that helps to define when business cycles begin and end?
The economic measurement that helps to define when business cycles begin and end is called Gross Domestic Product (GDP). It measures the total value of goods and services produced within a country's borders and is used to track the fluctuations in economic activity over time.
