Average product measures your productivity with a particular number of workers. To calculate the average product, you need the total product. For example, the total product for a factory might be the ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...

Download PDF More Formats on IMF eLibrary Order a Print Copy Create Citation This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the ...

Learn how the Marginal Rate of Technical Substitution (MRTS) allows firms to optimize production by substituting labor and ...