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Agriculture Economics QUESTION #11860
Question 1
Average physical product is calculated as:
  • $APP = \dfrac{\Delta TPP}{\Delta X}$
  • $APP = \dfrac{TPP}{X}$✔️
  • $APP = \dfrac{X}{TPP}$
  • $APP = TPP - X$
Correct Answer Explanation
Average physical product equals total product divided by the quantity of variable input used, $APP = \dfrac{TPP}{X}$.