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What is relationship between average product and marginal product?
Marginal product is equal to average product when average product is maximumMarginal product determines the behaviour of the Average product. AP rises, reaches maximum and thereafter falls.For all sections that the MP is greater than the AP, the AP rises and MP is below AP, the AP decreases.Marginal product reaches maximum at a lower level of employment than does the AP
When the firm attains minimum average variable cost how many units of labor is it using?
When a firm attains minimum average variable cost, the number of units of labor it is using depends on the average product.
Discuss the relationship between product and cost curves?
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
What is the difference between average costs and marginal costs?
This is the economic distinction equivalent to fully absorbed cost of product and variable cost of product. Average cost is total cost divided by number of units. Marginal cost is the cost to produce the next unit (or the last unit
What is MVP in economics?
Marginal Variable Product (MVP) = Difference between TVP2 - TVP1
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.
What is the relationship between two variable if the product of the variables is constant?
inversely proportional or inverse proportion
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
In an inverse relationship when one variable increases the other does what?
In an inverse relationship, when one variable increases, the other variable decreases. This means that the two variables move in opposite directions; as one goes up, the other goes down. This relationship can often be observed in various contexts, such as the relationship between price and demand: as the price of a product increases, the demand for it typically decreases.
What is the relationship between the numerators of the factors and the numerators of the product?
The relationship between the factors and the product is that they are both fractions.
What does Multiplicative relationship mean?
A multiplicative relationship refers to a connection between two variables where one variable is expressed as a product of another variable and a constant. In mathematical terms, if variable ( y ) is dependent on variable ( x ), a multiplicative relationship can be represented as ( y = k \cdot x ), where ( k ) is a constant. This type of relationship implies that changes in ( x ) lead to proportional changes in ( y ). Multiplicative relationships are common in various fields, including economics, biology, and physics, where scaling effects are observed.
What is the relationship between marginal product and average product?
1.when tp increases mp decreses. 2.when tp is at his highest point, mp is 0. 3.when tp decreses ,mp becomes negetive. and i have no idea what im talking abouT its dumb they should just give it to guys!
What is relationship between average product and marginal product?
Marginal product is equal to average product when average product is maximumMarginal product determines the behaviour of the Average product. AP rises, reaches maximum and thereafter falls.For all sections that the MP is greater than the AP, the AP rises and MP is below AP, the AP decreases.Marginal product reaches maximum at a lower level of employment than does the AP
What happens to one variable when the other increases in an inverse relationship?
In an inverse relationship, when one variable increases, the other variable decreases. This means that as one variable gains value, the other loses value in a way that the product of the two variables remains constant. For example, if variable X increases, variable Y will decrease proportionately to maintain that constant relationship. This type of relationship is often represented mathematically as Y = k/X, where k is a constant.
When the firm attains minimum average variable cost how many units of labor is it using?
When a firm attains minimum average variable cost, the number of units of labor it is using depends on the average product.
Discuss the relationship between product and cost curves?
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
Is the administrative salaries are the variable cost?
Administrative salaries has no relationship with production of product so it almost always remain same so it is a fixed cost not variable cost
