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JAMB Economics 2000 Question 17

Question 17

Theory of Production

Variable Factor | Total Product | Marginal Product | Average Product
1 | 1 | 1 | 1
2 | 6 | 5 | 3
3 | 24 | 18 | 8
4 | 48 | X | 12
5 | Z | 25 | 14.6
6 | 93 | 20 | Y
The average product Y is

  1. A.8.0
  2. B.12.0
  3. C.14.6
  4. D.15.5.
Show the answer and explanation

Answer: D (15.5.)

Explanation

Average product = total product ÷ number of units of the variable factor = 93 ÷ 6 = 15.5.