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Average Product in Economics: Definition & Formula

Chapter 3 /  Lesson 22   Transcript
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Instructions:

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question 1 of 3

When a company calculates the total output produced with a specific combination of inputs, what is it calculating?

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Worksheet
Average Product in Economics: Definition & Formula Worksheet

1. To calculate average product, what do you need to divide total product by?

2. Why would a company want to know average product?

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About This Quiz & Worksheet

About This Quiz & Worksheet

You can use this worksheet and quiz combo to assess your understanding of how average product is calculated and how it is analyzed. Topics you will be quizzed on include factors needed to find average product and the importance of this principle.

Quiz & Worksheet Goals

This quiz and worksheet can help you review:

  • The input a company refers to
  • What average product is
  • Why average product is important to know for companies
  • The factors needed to find average product

Skills Practiced

Use this worksheet and quiz to test out the following skills:

  • Information recall - access the knowledge you have gained regarding the benefits of knowing average product
  • Reading comprehension - ensure that you draw the most important information from the related lesson on average product
  • Interpreting information - verify that you can read information regarding how average product is calculated and interpret it correctly

Additional Learning

To learn more about average product, check out the lesson called Average Product in Economics: Definition & Formula. This lesson will help you:

  • Define average product
  • Identify the formula used to calculate average product
  • Learn why average product is important
You are viewing lesson Lesson 22 in chapter 3 of the course:

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