Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 13RQ: What is the difference between a fixed input and a variable input?
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Question
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![What happens to average product (AP) when marginal product (MP) is less than AP?
O
AP rises
AP falls
AP remains constant
None of these](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe271df1d-5225-403e-8927-f2eaad5450c5%2F8bae3a9d-96cb-4750-aaeb-4b5aee900d5f%2F1het1oq_processed.jpeg&w=3840&q=75)
Transcribed Image Text:What happens to average product (AP) when marginal product (MP) is less than AP?
O
AP rises
AP falls
AP remains constant
None of these
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
Average product is the total product divided by the input unit (labor).
So, AP = TP/L .
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
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