Answer:
is the addition to total output due to the addition of the last unit of an input, holding all other inputs constant.
Explanation:
The marginal product of an input is the change in total output as a result of the change in output by 1 unit
For example, the table below is the total product of labour
amount of labour output
1 10
2 20
3 40
the marginal product of the 3rd worker = (40 - 20) / (3 - 2) = 20
marginal product of the second worker = (20 - 10) / (2 -1 ) = 10
Average output = total output / labour
Answer:
Explanation:
Market prices control the supply for coffee shops, not only that but also it is also affected by other factors with things like: price of inputs, and how much it cost to make, and technology developments
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Answer:
Know where the product belongs
Explanation:
It won't end up in the right spot if you don't know where it goes
Answer:
0.75 times
Explanation:
The formula and the calculation of acid test ratio is presented below
Acid test ratio = Quick assets ÷ total current liabilities
where,
Quick assets = Cash + current accounts receivable
= $15,000 + $30,000
= $45,000
And, the current liabilities is $60,000
So, the acid test ratio would be
= $45,000 ÷ $60,000
= 0.75 times
