Explain the relationship between marginal product and average product
Asked by admin @ in Business Studies viewed by 330 People
Explain the relationship between marginal product (mp) and average product(ap)
Asked by admin @ in Business Studies viewed by 330 People
Explain the relationship between marginal product (mp) and average product(ap)
Answered by admin @
Answer:
Marginal product is the change in total product divided by the change in quantity of resources (or inputs). Average product is the total product divided by the quantity of economic resources (or inputs). The average product reaches its peak when it intersects the marginal product curve
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