based on the same data, comparing marginal product to average product, under what circumstances will average product rise? under what circumstances will average product fall?

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04-11-2022
Business

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based on the same data, comparing marginal product to average product, under what circumstances will average product rise? under what circumstances will average product fall?

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rafikiedu08 rafikiedu08 · Answer 1 · 2022-11-08T10:22:42-05:00

The average product will increase as long as each worker's marginal product exceeds the average product, which is determined by dividing the total product by the number of workers. When the marginal product is less than the average product then the average product decreases.

The Marginal Product is the additional output created by using an additional unit of the variable factor input. As a result, we can define marginal product as the increase in total product caused by the utilization of additional factor inputs.

The Total Product (TP) grows at an increasing rate as the Marginal Product (MP) grows. As variable factor inputs rise, the Total product curve initially takes on a convex appearance. This goes on until the MP curve reaches its highest point.

Average Product can be computed by dividing the Entire Product by the inputs and is described as the output per unit of factor inputs or the average of the total product per unit of input (variable factors).

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