Question

For those of you with current or previous work experience, how is (was) productivity measured in your organization. Discuss the concepts of total production, average production and marginal production. Relate production to cost and discuss how the ideas of total cost, average cost and marginal cost are used in decision making.

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Answer 1

Solution:

Now we are discussed about the, Measure of productivity in my previou?? carganization: I worked in a publishing house and in my origanization, poroductivity is mos by the no. of pages of content developed on edited in a day, we used to have a target of specific number of pages in a year. We used to be given insentive on the beasts of the peacentage of the target Surpe by us. Total average and Moorginal product : Total production sie fears to the total out put poroduced by a production unit ou individual using different combinations of input. Marginal product of an input is given by the change in output because of a addition of a unit of in put. Average product of an input is given by the total product pea unit of an input used in production

CA poroduction and cost : In this production involves input, which requires costs. For example, vous factools of production are cand labost, capital and natural resoukes. Rent is to be paid for using land. Labooles need -10 be wages. Interest is changed on the apital and natural dicsouaces need to be bought at a pouce. so, production favolves cost. Total cost, Avg cost , Maorginal cost Decision making : An oorganization cannot incuor a total cost higher than its budget. Also, an oorganization must ensuoe han average Cost as lower than areorage, stevenue, for Oorganization earns highest porofit when its marginal cost equals the marginal orevenue, which is equals to porúce in peorfect compitation ALSO the marginal cost of can input mest the not be hig, he or than the malougenal suvenue of the input

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