Output elasticity is equal to the marginal product of an input divided by the average product of the input.

Name: Output elasticity is equal to the marginal product of an input divided by the average product of the input.
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Quizplus · Accepted Answer

Output elasticity measures the responsiveness of output to a change in input, calculated as the ratio of the marginal product (additional output from an additional unit of input) to the average product (output per unit of input).

Output Elasticity Is Equal to the Marginal Product of an Input