Given the information in Exhibit 72, what is the average product of thethird unit of labor?
A)45 pairs of shoes
B)25 pairs of shoes
C)15 pairs of shoes
D)$45
E)$25

Question

Given the information in Exhibit 7­2, what is the average product of thethird unit of labor?
A)45 pairs of shoes 
B)25 pairs of shoes 
C)15 pairs of shoes 
D)$45 
E)$25

Quizplus · Accepted Answer

Average product is calculated by dividing total product by the number of units of input. In this case, the total product for three units of labor is 75 pairs of shoes. Therefore, the average product for the third unit of labor is 25 pairs of shoes (75/3).

Given the Information in Exhibit 7­2, What Is the Average

Given the Information in Exhibit 72, What Is the Average