Average product

1. Average product is a term used in the field of economics that refers to the average output per unit of the variable input. By definition, average product is the average amount of output (product) a company produces for every input unit. Inputs can be a combination of variable factors, such as labor, materials, and capital. Oftentimes, the variable inputs also include the number of employees. For example, a company may hire more employees to produce more products. The average product is calculated by dividing the total product by the variable inputs. The term total product refers to a company's total output of product from a set of resources over a specific period of time.
2. Average product – the total output produced per unit of a resource employed (total product divided by the quantity of that employed resource).

Sources:

Mahr, N. (2023). Average Product in Economics | Definition, Equation & Formula. study. Retrieved from: https://study.com/academy/lesson/average-product-in-economics-definition-formula.html

Кraus, K., & Кraus, N. (2013). Dictionary of Economic terms. Skytek.