Production - Production in the short run - Total, marginal and average products
3 important questions on Production - Production in the short run - Total, marginal and average products
Short-run production functions are often referred to as total product curves:
Decisions about running an enterprise most naturally arise in the form of decision about changes, so here lies the importance of the marginal product:
The average product of a variable input, also called labour productivity, is defined as:
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