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What is the difference between the marginal product and average product in terms of their impact on production efficiency?
The marginal product measures the change in output when one more unit of input is added, while the average product measures the total output divided by the total input. The marginal product is important for determining the efficiency of production at the margin, while the average product gives an overall picture of efficiency.
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What would happen to marginal and average productivity if a technological innovation were introduced to the production process?
Marginal and Average productivity increases when technological innovations are introduced into production process.
What is the difference between price and average cost?
marginal cost
What would happen to marginal and average productivity if a technological innovation is introduced to the production process?
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If regulation of a monopoly results in a price equal to marginal cost but price is below average total costs?
efficiency in allocation will be less
How do you find marginal average cost?
Marginal cost comes from the costs of producing just one more of something.
What would happen to marginal and average productivity if a technological innovation were introduced to the production process?
Marginal and Average productivity increases when technological innovations are introduced into production process.
What is the difference between price and average cost?
marginal cost
What would happen to marginal and average productivity if a technological innovation is introduced to the production process?
In tiwl In tiwl
Draw a diagram with marginal product and average productExplain the relationship between marginal product and average product?
Marginal product is any input in the production process is the increase in the quantity of output obtained from on additional unit of the input. Average product is the output produced when one more unit of the variable factor is employed The relationship is state as: If labour's marginal product is exceed its average product that means labour's average product will be rising. Labour's average product will be falling. If labour's marginal product is less than its average product. If labour's marginal product is equal its average product and the average product will reach the minimum value at the point.
If regulation of a monopoly results in a price equal to marginal cost but price is below average total costs?
efficiency in allocation will be less
How do you find marginal average cost?
Marginal cost comes from the costs of producing just one more of something.
What happens if marginal cost is equal to average total cost?
When marginal cost is equal to average total cost, it means that the cost of producing one more unit is the same as the average cost of all units produced. This indicates that the firm is operating at its most efficient level of production.
Relationship between marginal and average productivity?
Average and marginal productivity are analytical tools used to measure the output of labor in order to evaluate current production ability and improve future capacity. Average productivity is the total production involved in a process divided by the number of variable unit inputs employed. It is what each employee produces. Marginal productivity is the increase in the rate of output created by adding one more unit of the input while maintaining the same constant inputs.
What Relation between marginal cost and average cost?
relation ship between average cost and marginal cost
What does on-the-margin mean?
On the margin means looking at the next unit of something. For example, when considering business decisions, you might consider the marginal cost of an additional unit of production, or the marginal revenue. (Rather than the average revenue, for instance.)
What does on-margin mean?
On the margin means looking at the next unit of something. For example, when considering business decisions, you might consider the marginal cost of an additional unit of production, or the marginal revenue. (Rather than the average revenue, for instance.)
What happens to marginal cost after the point where it equals average variable cost?
Marginal Cost will keep increasing (have upward slope) because of the principle of diminishing marginal returns. The MC curve above the its intersection with AVC is the Supply Curve *because below minimum AVC, the firms stops production)
