Asked by
Mthethwa Nothando
on Nov 25, 2024
Verified
If the average product of labor equals 4 at all levels of output, the marginal product of labor is also equal to 4 at all levels of output.
Average Product
The output per unit of input, for example, the average quantity of product produced per worker or per machine.
Marginal Product
The additional output that results from using one more unit of a variable input, holding all other inputs constant.
- Evaluate the impact of labor on production through concepts of marginal and average product.
Verified Answer
DM
Learning Objectives
- Evaluate the impact of labor on production through concepts of marginal and average product.