wentworth28
Apr 18, 2015, 11:57 AM
With a detailed graph and explanation, compare and contrast the behavior of average product of fixed factors and the behavior of average fixed cost".
This is not an homework question. I know you will think so because of the way I phrased it, I really need a detailed explanation since the people here are expert in the field. I'm in my second year at college studying economics major. I really like applying economics to real life situations and I believe it is one of the best courses ever. I also like studying a lot. I'm to take principles of microeconomics as part of my courses this semester, so I was actually just reading ahead. Then I saw something about how average product can be applied to fixed factors and average fixed cost but it was very short and wasn't explained well. I know that fixed factors means the factors that doesn't vary and it is in the short run and average fixed cost means fixed cost divided by quantity but I just don't get that concept of behavior of average product of fixed factors and average product of average fixed cost. Please, help me shed some light on it. Thanks.
This is not an homework question. I know you will think so because of the way I phrased it, I really need a detailed explanation since the people here are expert in the field. I'm in my second year at college studying economics major. I really like applying economics to real life situations and I believe it is one of the best courses ever. I also like studying a lot. I'm to take principles of microeconomics as part of my courses this semester, so I was actually just reading ahead. Then I saw something about how average product can be applied to fixed factors and average fixed cost but it was very short and wasn't explained well. I know that fixed factors means the factors that doesn't vary and it is in the short run and average fixed cost means fixed cost divided by quantity but I just don't get that concept of behavior of average product of fixed factors and average product of average fixed cost. Please, help me shed some light on it. Thanks.