Title
Producer Theory - Average and Marginal Product FunctionsCreator
Nikita Lyssenko, Memorial University of Newfoundland. Distance Education, Learning and Teaching Support (DELTS)Description
This figure depicts both marginal and average porduct functions.
When the marginal product is above the average product, the average product is increasing. When the marginal product equals the average product, the average is at its maximum. At the point where marginal product is zero, the average product is still positive and falling.
Learning Design
To understand producer's behaviour in the short- and long- run in economics, producer theory.Date Created
2013Format
Image/jpg
