Total product divided by the variable input is
A) average total cost.
B) marginal cost.
C) average product.
D) marginal product.

Question

Quizplus · Accepted Answer

Total product divided by the variable input is the definition of average product (AP), which measures the output per unit of input. Average total cost (ATC) is total cost divided by total output, marginal cost (MC) is the additional cost of producing one more unit of output, and marginal product (MP) is the additional output produced by using one more unit of input.

Total Product Divided by the Variable Input Is