About What Percentage of Noninstitutionalized Older Americans Live with a Spouse

question 79

Multiple Choice

About what percentage of noninstitutionalized older Americans live with a spouse or relative?

• A)10 percent
• B)25 percent
• C)50 percent
• D)66 percent

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Definitions:

Marginal Product

Marginal Product is the additional output that results from using one more unit of a particular input, holding other inputs constant.

Average Product

The output per unit of input, typically calculated by dividing total output by the quantity of a specific input used.

Average Total Cost

The total cost divided by the number of units produced, representing the cost per unit of output.

Average Variable Cost

Average Variable Cost is calculated by dividing the total variable cost (cost that changes with the amount of output) by the quantity of output produced.