Asked by
Destin Jacobs
on Nov 04, 2024
Verified
What is the formula for the average product of labor?
A) Δq/ΔL
B) ΔL/Δq
C) q/L
D) L/q
Average Product
The output produced per unit of input, for example, the amount of goods produced per worker or per machine in a given time period.
Formula
A mathematical expression that represents relationships between variables or symbols to calculate a specific value or set of values.
- Implement the idea of average and marginal product to examine production outputs.
Verified Answer
QT
Learning Objectives
- Implement the idea of average and marginal product to examine production outputs.