Asked by
Priyangshu Saharia
on Nov 04, 2024
Verified
The formula q/L represents
A) total product.
B) the average product of labor.
C) the capital-to-labor ratio.
D) the marginal product of labor.
q/L
A formula representing the productivity of labor, where 'q' is total output and 'L' is the total quantity of labor.
Average Product
The average product refers to the output per unit of input used, typically calculated by dividing the total output produced by the quantity of inputs.
- Acquire knowledge about the concepts of marginal and average labor products and their connection to labor efficiency.
Verified Answer
JA
Learning Objectives
- Acquire knowledge about the concepts of marginal and average labor products and their connection to labor efficiency.