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Question
Bring out the Relationship among Total, Average and Marginal Products.
Solution
| Stages | Total Product | Marginal Product | Average Product |
| Stage I | Initially, it increases at an increasing rate and then increases at a decreasing rate | At the beginning it increases, then reaches a maximum and starts to decrease | At the first instant it increases, then attains maximum |
| Stage II | It continues to increase at a diminishing rate and reaches maximum. | It continues to diminish and becomes equal to zero | It is equal to MP and then begins to diminish |
| Stage III | It diminishes | It becomes negative | It continues to diminish but always greater than zero (positive) |
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