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AP: The abbreviation for average product, which is the quantity of total output produced per unit of a variable input, holding all other inputs fixed. It is found by dividing total product by the quantity of the variable input. Average product, abbreviated AP also goes by the alias of average physical product (APP), so don't be confused by the extra term (physical).

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Lesson 8: Market Shocks | Unit 5: Cause and Effect Page: 19 of 20

Topic: Link Sequence <=PAGE BACK | PAGE NEXT=>

The sequence of the cause and effect links is an essential element in economic analysis.

Six steps for market adjustment:

  • First, a determinant change always starts the process.
  • Second, the determinant change causes a shift in either the demand or the supply curve.
  • Third, the shift in the curve causes market disequilibrium, either a shortage or surplus.
  • Fourth, the disequilibrium causes the price to change.
  • Fifth, the price change causes a change in quantity demanded and quantity supplied.
  • Sixth, changes in quantity demand and supplied cause the market equilibrium to be restored.

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AVERAGE REVENUE PRODUCT

Total revenue generated per unit of a variable input, keeping all other inputs unchanged. Average revenue product, usually abbreviated ARP, is found by dividing total revenue by the variable input or by multiplying average physical product by average revenue. Average revenue product is a part of marginal productivity theory used to analyze the demand for productive inputs.

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APLS

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Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a looseleaf notebook binder or hand lotion, a big bottle of hand lotion. Be on the lookout for jovial bank tellers.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
"Being defeated is only a temporary condition; giving up is what makes it permanent."

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