Asked by Alanis Matthews on Jun 18, 2024
Verified
Average product of labor is calculated as
A) (total product) x (total units of labor) .
B) (total product) / (total units of labor) .
C) (total units of labor) / (total product) .
D) (marginal product) / (total product) .
Average Product
The output obtained by dividing the total product by the number of units of the variable input used in production, ideally reflecting productivity per input unit.
Total Product
The total output or quantity of goods produced by a firm or economy at a given level of input.
- Calculate and elaborate on the mean production and incremental gains of labor.
Verified Answer
SO
stephanie ortizJun 23, 2024
Final Answer :
B
Explanation :
Average product of labor is found by dividing the total product (or total output) by the total units of labor used to produce that output.
Learning Objectives
- Calculate and elaborate on the mean production and incremental gains of labor.