Give the Definition of Marginal Product and Average Product and Explain

question 20

Essay

Give the definition of marginal product and average product and explain why if the marginal product is smaller than the average product, the average product must be decreasing.

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Definitions:

Perceived Needs

The needs that customers believe they need as identified through their personal perceptions, which may not always align with their actual needs.

Marketing History

The evolution and history of marketing practices and theories, from traditional methods to digital approaches, reflecting changes in technology, consumer behavior, and market dynamics.