What is the relationship between marginal product and average product?We can summarize it as under: When Average Product is rising, Marginal Product lies above Average Product. When Average Product is declining, Marginal Product lies below Average Product. At the maximum of Average Product, Marginal and Average Product equal each other.
Which of the following is true of the relationship between the average product of labor and the marginal product of labor?Which of the following is true of the relationship between the average product of labor and the marginal product of labor? Whenever the marginal product of labor is greater than the average product of labor, the average product of labor must be increasing.
Which of the following is a correct statement about the relationship between average product and marginal product?1 Answer. (a) The average product is at its maximum when marginal product is equal to average product.
What is the relationship between marginal product of labor and average cost?As the marginal product of labor decreases, the marginal cost usually increases. If the company has to pay more money to each worker compared with the number of products that each worker makes, its labor cost for each item increases, so its cost to make each item will be higher.
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