What is the formula for calculating average pro... - SS2 Economics Concept of Total, Average And Marginal Productivity Question
What is the formula for calculating average productivity?
Average productivity = Total output / Number of units of input used. OR
AP = Q/I(k, l, t)
Where Q = Total output or quantity, I(k, l, t) = units of inputs for a specific factor of production, k= capital. l = labour. t = technology
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