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AMERICAN FEDERATION OF LABOR: Started as a collection of craft unions in 1886, this is now one half of the umbrella organization for labor unions in the United States (the AFL part of AFL-CIO). As a collection of craft unions, the AFL primarily represented skilled workers in particular occupations. However, it also contained unions representing unskilled industrial workers, which led to a rift among AFL members in 1938 and spawned the formation of the Congress of Industrial Organizations (CIO). This rift was closed in 1955, when both joined together to form the AFL-CIO, which is the primary advocate for workers and labor unions in the United States.
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                           AVERAGE PRODUCT CURVE: A curve that graphically illustrates the relation between average product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the per unit output at each level of the variable input. The average product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and marginal product curve. The average product curve illustrates how average product is related to a variable input. While the standard analysis of short-run production relates average product to labor, an average product curve can be constructed for any variable input. | Average Product Curve |  |
The diagram to the right graphically represents the relation between average product and the variable input. This particular curve is derived from the hourly production of Super Deluxe TexMex Gargantuan Tacos (with sour cream and jalapeno peppers) as Waldo's TexMex Taco World restaurant employs additional workers. The number of workers, measured on the horizontal axis, ranges from 0 to 10 and the average Gargantuan Taco production per worker, measured on the vertical axis, ranges from 0 to 25.The shape of this average product curve is worth noting. For the first two workers of variable input, average product increases. This is reflected in a positive slope of the average product curve. After the third worker, the average product declines. This is seen as a negative slope. While average product continues to decline, it never reaches zero nor becomes negative. To do so would require total product to become zero and negative, which just does not happen. The hump-shape of the average product curve indirectly results from increasing and decreasing marginal returns. The upward-sloping portion of the average product curve, up to the second worker, is indirectly due to increasing marginal returns. The downward-sloping portion of the average product curve, after the third worker, is indirectly due to decreasing marginal returns. and the law of diminishing marginal returns.
Recommended Citation:AVERAGE PRODUCT CURVE, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 22, 2022].
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time watching infomercials trying to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for attractive cable television service repair people.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"Carpe diem! Rejoice while you are alive; enjoy the day; live life to the fullest; make the most of what you have. It is later than you think." -- Horace, Ancient Roman poet
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NLREG
Nonlinear Statistical Regression
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