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Question
What is the total product of an input?
Short Answer
Solution
Total product is defined as the sum total of output produced by a firm by employing a particular input. It is also known as the Total Physical Product and is represented as `"TP" = sumQ_x` Where, ∑ represents summation of all outputs and Qx represents units of output x produced by an input.
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Total Product
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RELATED QUESTIONS
Give the behaviour of marginal product and total product as more and more units of only one input are employed while keeping other inputs as constant.
Complete the following table:
|
Output (Units) |
Average Cost (Rs) |
Marginal Cost (Rs) |
|
1 |
12 |
……. |
|
2 |
10 |
…….. |
|
3 |
……. |
10 |
|
4 |
10.5 |
…….. |
|
5 |
11 |
…….. |
|
6 |
…….. |
17 |
