Question: In a typical short-run production function, the average product of labor O is the slope of the line joining the origin to the specified point

 In a typical short-run production function, the average product of labor
O is the slope of the line joining the origin to the

In a typical short-run production function, the average product of labor O is the slope of the line joining the origin to the specified point on the total product curve. at any point is the slope of the total product curve at that point. O falls at low level of labor use and rises at high levels of labor use. O is equal to the marginal product of labor when the latter is at its maximum

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!