<u>When the average product of labor is decreasing, the marginal product of labor is less than average product of the labor.</u>
Explanation:
whenever the marginal product of labor is greater than the average product of labor the average product of labor must be increasing.
Average Product of labor is defined as the total output that a firm produces divided by the amount of workers required to produce that output.
Marginal Product of Labor is defined as the additional output produced by a firm because of hiring extra workers .
Production function is defined as the inputs used by a firm and the maximum output a firm can produce by employing those inputs
<u>Thus we can say that When the average product of labor is decreasing, the marginal product of labor is less than average product of the labor.</u>
Answer:
I think eating healthier food would be better. Eating sweet desserts would be healthier than eating a lot, but you should still cut down and eat healthier foods. False
Explanation:
<h3>Question:</h3>
•explain six Differences between private and public company.
Answer:
•In most cases, a private company is owned by the company's founders, management, or a group of private investors. A public company is a company that has sold all or a portion of itself to the public via an initial public offering.
Explanation:
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Answer:
The answer is: A) When the marginal cost of producing an additional unit equals the marginal revenue from that unit.
Explanation:
In economics, we assume that a company´s main goal is to maximize its profit. In order for any company do to this, the marginal cost (MC) of producing an extra unit of production must equal the marginal revenue (MR) obtained by selling that extra unit of production.
Theoretically, in perfect market conditions, MR=MC in the equilibrium point between quantity supplied and quantity demanded. But on real world conditions elasticity of both demand and supply alter the curves.
