Refer to the production function. The average product at 5 units equals ________ units
Fill in the blank(s) with correct word
To get the average product, divide the total product equation by X and substitute 5 for X
Thus the average product equation becomes:
If Y = 10X + 20 X2 - X3
APy = 10 + 20X - X2
At 5, APy = 10+ 20(5 ) - (5 )2
= 10 + 100 - 25
= 85 units
You might also like to view...
The change in consumption divided by a change in disposable income is called the:
a. consumption function. b. marginal propensity to consume. c. marginal propensity to spend. d. spending function. e. changing propensity to consume.
Which statement is the most accurate?
A. Labor unions today have very little economic power. B. Large employers today have very little economic power. C. Every few years a strike virtually shuts down our economy. D. Since WWII, the economy has never lost as much as one half of 1% of its work time because of strikes.
Refer to Common Property II. If the common property is privately owned, the surplus to the consumers is
a. Area I b. Area I + F + G c. Area I + F + G + H d. zero.
Every country in the world has an independent central bank
Indicate whether the statement is true or false