Consider the following statements:
1. Average product is defined as the output per unit of variable input for the production function.
2. Marginal product of an input is defined as the change in output per unit of change in the input when all other inputs are held constant.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2
5
Question Not Attempted