Introduction to Economics 1 Deneme Sınavı Sorusu #1144480
What is average product of Labor?
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Average product is the total unit production of a firm. |
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Average product (AP), also called average product of labor (APL), is total product (TP) divided by the total quantity of labor. |
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The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. |
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The quantity of total output produced per unit of a variable input. |
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Average product is useful for defining production capabilities at a specific level of input. |
We can also look at how productive the labor is on average. To do that, we need to look at the average output per worker or more formally the average product of labor (APL). It is equal to the division of the total product by the quantity of labor employed.
APL=TP /L
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