Given that the total production of Bandako farmers with o...
Given that the total production of Bandako farmers with one worker is 10kg. When the workers increased to 2, 3, and 4, the total production increases to 20, 36 and 60kg respectively.
Calculate the average product (AP) of the 4th unit of labour.
20
13
15
10
Correct answer is C
In this case, 4 workers produce 60kg of output therefore, the Average product of labour for the 3rd unit is 15kg. Given by:
Average product = Total product/Variable product
= 60/4
= 15kg
When the total product starts falling, then the marginal product is ...
The practice of selling goods overseas and often below the cost of production is known as ...
A set of factors that can shift the supply curve are changes in ...
The concentration of firms in one area is referred to as of ……………...
Modern international trade is based on the principle of ...
Free trade is one in which ...
Which of the following is the correct way to calculate total cost? ...