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What is the average product of labor? a
What is the average product of labor?
a. The average product of labor is total wages divided by the number of workers.
b. The average product of labor is the number of workers times their average hourly wage.
c. The average product of labor is the total product divided by the number of workers.
d. The average product of labor is the marginal product divided by the number of workers.
Expert Solution
The correct answer to the given question is option c. The average product of labor is the total product divided by the number of workers.
The average product of labor is given by:
- =Total ProductNumber of workers=Total ProductNumber of workers
where, the Total product is usually measured in terms of number of units produced.
The average product of labor is sometimes also referred to as the productivity of labor.
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