Quiz & Worksheet - Average Product in Economics

question 1 of 3

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

Average price Average product

Total price Total product

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Worksheet

Print Average Product in Economics: Definition & Formula Worksheet

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

Total variables
Total price
Variable inputs
Variable price

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

To determine customer satisfaction
To determine price
To determine product importance
To determine production capabilities

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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

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

Already registered? Log in here for access

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

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

About This Quiz & Worksheet

Quiz & Worksheet Goals

Skills Practiced

Additional Learning

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