Question

Explain the relationship between Average Product, Marginal Product, and Average Variable Cost, Marginal Cost with the help of diagrams.

22 Feb 2023
Answer :
Word Count : 623

The concepts of average product, marginal product, average variable cost, and marginal cost are important in microeconomics and are closely related to each other.

Average product (AP) is the total output produced by a firm divided by the number of units of input used to produce that output. It measures the average productivity of each unit of input. Mathematically, AP = Q / L, where Q is the total output produced, and L is the total quantity of labor used to produce that output.

Marginal product (MP) is the additional output that is produced when one more unit of input is added, while _________ _______ ______ _________ ___ ______.
______ ___ _________ ________ ________ _________ __________.
_________ ________ __________ _________ __________ _____ _____ _________ _______.
_______ ___ __________ _________ __________ __________ ______ _________ __________ _______.
_______ ____ __________ _________ ___ ________ _____ _________.
__________ ____ ______ __________ ____ ______ ____ _____ ____.
_________ _____ _______ __________ _________ _________ __________ _____ ________.
____ ______ ________ __________ ________.
_______ _______ ____ _________ ___ _____ ____ ______ ________ _____.
____ ________ _________ _______ ___.
_____ ___ ___ _____ ________ _________ ______ __________ _______ ____.
___ _________ _____ ________ ____ _________ ___ ________ _______ ______ ___.
_____ ________ _____ ________ _________ _________ ____ ___ _________ _____ ______ _____.
_______ __________ ________ ___ ______ __________ ___ _________ _________ ______.
_______ __________ ________ _________ ________ ________ __________ ________ ________ _______ __________ __________.
______ _________ ______ _____ __________ _______.
______ _____ ___ _________ ______ _______ ________.
___ _____ ______ ________ ___ _________ _____.
_________ _______ ___ ______ ______ ______ __________.
_____ ___ _______ _________ ________ ___.
_________ ______ _________ ______ __________ __________ ____ _______ ___ ___.
____ _____ ________ _______ _________.
______ _______ ______ _______ _________ ____ ________.
__________ _______ __________ ____ ___ _______ _____ ____ ______.
____ ____ _______ ______ ______ ________ ________ _______ _________ _________ _____.
________ ____ _________ _____ ___ ___ ___ __________ _______ ______.
_________ ________ ______ ________ ______ ______ ___ ___ ________.
_________ _______ __________ _____ __________.
______ __________ ____ _______ ______ __________ ________ ______.
____ _____ ______ _________ _____ __________ ________ __________ ____ ____ ________ ___.
________ __________ ___ ____ ___ ____ ____ __________ ________ ____ _____ _____.
______ ___ _____ __________ _______ ________ ______.
_________ ______ _______ ____ ___ ______ ______ _____.
_________ _______ ______ _______ _____ _________ __________ ________.
____ ____ ___ ___ _________ _________ ___.
_____ ______ _____ _______ ______ _______ ________ _______ ___.
__________ _______ ___ __________ _________ ________ ______ _____.
______ _____ _________ _________ ____.
_________ _______ ______ _________ _________ _______ __________ _____ ______ _______ ______.
__________ ____ ________ __________ _______ ______ _________ _________ _______.
_____ ___ ________ __________ __________ ___ __________ ____ ______.
_________ ______ ____ __________ ____.
_____ _________ ____ _______ ____ ___.
____ ____ __________ _________ ___ __________ _____ _________.
_________ _____ _______ ____ __________ ______ _____ ______ __________ ______.
________ ____ ________ _______ _________ _____ _______.
__________ _________ _________ _________ _____ ___ ___ __________ ____ ________ _________.
____ ______ ______ _______ ________ _________ ___ _______ ___ ___ ______.
____ _______ ________ ________ __________ __________ _________ ____ _________ ___.
________ ______ ________ __________ _______ _____.
______ ______ __________ _________ ____ ____ ______ ________.
_____ _______ ___ __________ ____.
___ _____ ___ ___ ________ ________ _____.
_______ ______ _____ _____ ______ ______.
_________ _________ ___ ____ _______ ________ ________ _________ ______ ______ ______ ____.
_______ ____ _______ _____ ___ _________ _________ ______.
________ _________ ____ ____ _______.
___ _____ _______ _____ __________ ________ ________ _______ _______ ________ ____ ____.
_____ ______ _______ ______ _____ ____ __________ ________ _______.
_________ _________ ____ ________ __________ ____.
__________ _______ ___ ____ ______ _______ _______ __________ __________ ___.
______ _________ _________ _____ _________ __________ _____ _______ __________ ________ ___.
_________ ______.
Get Full Answer on WhatsApp

Related Questions

Explain the relationship between Average Product, Marginal Product, and Average Variable Cost, Marginal Cost with the help of diagrams.

Returns to Scale

“Market demand curve is the total of the quantities demanded by all individual consumers in an economy at each price”. Show the derivation of market demand curve diagrammatically.  

Product Differentiation

“Perfect competition and monopoly are two extreme market conditions which we rarely come across in real world of business”. Discuss their relevance in today’s business world.  

Explain the following concepts briefly:
(a) Price Elasticity of Demand
(b) Arc Elasticity of demand 

“The definition of cost is quite different for the economist than for an accountant”. Discuss with the help of an income statement calculating both accounting as well as economic profit. 

IGNOU Solved Assignments Assignments Ignou Projects Project Previous Year Solved Exam Papers Notes Notes Sample Question Papers Sample Question Papers
Login Cart
IGNOU NEWS
Assignment Submission Last Date Extended Till 30 June 2026 Click Here★★★IGNOU June 2026 TEE Date Sheet Released Click Here★★★
Top
📞
Call Support Instant phone assistance Explain the relationship between Average Product, Marginal Product, an
→
🟢
WhatsApp Chat Fast live messaging
→
Email Us Business enquiries & support
→