Question

Explain the relationship between average product and marginal product.

Answer 1

Answer:

Marginal product focuses on the changes between production totals and the quantity of resources. Average product shows output at a specific level of input.

Marginal product is the change in total product divided by the change in quantity of resources (or inputs). Average product is the total product divided by the quantity of economic resources (or inputs). The average product reaches its peak when it intersects the marginal product curve.

Answer 2

Answer:

Explanation:

Marginal product is the change in total product divided by the change in quantity of resources (or inputs). Average product is the total product divided by the quantity of economic resources (or inputs). The average product reaches its peak when it intersects the marginal product curve