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WAEC Economics 2000 Question 8

Question 8

Theory of Production

In production, the formula (total product)/(number of men employed) is used to calculate the

  1. A.total product
  2. B.average product
  3. C.marginal product
  4. D.fixed product.
Show the answer and explanation

Answer: B (average product)

Explanation

Average product is total product divided by the number of units of the variable factor (here, men employed).