Asked by
Durrell Harley
on Nov 04, 2024
Verified
If the marginal product of labor is less than the average product of labor, then the average product of labor is increasing.
Marginal Product
The additional output resulting from a one-unit increase in the use of a variable input, holding all other inputs constant.
Average Product
The Average Product is an economic term that describes the output per unit of input, calculated by dividing total product by the number of units of input.
- Comprehend the principles of marginal and average labor products and how they link to the productivity of labor.
Verified Answer
LM
Learning Objectives
- Comprehend the principles of marginal and average labor products and how they link to the productivity of labor.