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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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MARGINAL REVENUE PRODUCT AND FACTOR DEMAND

A perfectly competitive firm's factor demand curve is that negatively-sloped portion of its marginal revenue product curve. A perfectly competitive firm maximizes profit by hiring the quantity of input that equates factor price and marginal revenue product. As such, the firm moves along its negatively-sloped marginal revenue product curve in response to changing factor prices.

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APLS

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Today, you are likely to spend a great deal of time watching the shopping channel looking to buy either decorative picture frames or storage boxes for your income tax returns. Be on the lookout for cardboard boxes.
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Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
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