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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.
When is average product at its maximum?
The average product (AP) is at its maximum when the marginal product (MP) equals the average product. This point occurs because, before reaching the maximum, the marginal product is greater than the average product, which pulls the average up. Once the marginal product falls below the average product, it begins to pull the average down. Thus, the maximum average product occurs at the point where MP intersects AP.
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.
An example of tourism product?
example of tourism product for me is
Why marginal product curve intersect the average product curve at the maximum?
of average product.
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
Why law of diminishing returns and return to scale might use in understanding the output decisions of firms in different industries?
show with example that if the marginal product is always decreasing the average product is always above the marginal product?
Example of product-positioning map?
example of product positioning map?
Example of product which is product line?
Nike
What is an example of a product that requires product differentiation?
For example, product differentiation might be necessary when a new laundry detergent is advertised.
Cite an example of an injected-molded product?
Give an example of an injected-molded product.
Give you an example of product advertising?
An example of product advertising is commercial by Apple about their iPhone. This is an advert that is specifically created for the iPhone which is the product.
