Average Product is a term used in economics and production theory to describe the average output or quantity of a particular good or service produced per unit of input, typically labor or capital. It is calculated by dividing the total output by the total units of input used in the production process. Average Product provides insights into the efficiency and productivity of a production process, as it indicates the average contribution of each unit of input towards the overall output. It is an important measure for businesses to evaluate and optimize their production processes and resource allocation.
Average product is a term used in economics to measure the productivity of a variable input in the production process. It is calculated by dividing the total output by the quantity of the variable input used. Average product represents the average contribution of each unit of the variable input to the total output. This concept is important in determining the efficiency and effectiveness of production processes and can be used to make informed decisions regarding resource allocation and optimization.
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This glossary post was last updated: 29th March 2024.
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