Total Product
In simple terms , total product is the total volume or total amount of final output produced by a firm using the given inputs in a given time period .
Marginal Product
Marginal product is the additional output produced as a result an additional unit of variable input factor is called marginal product . Thus , marginal product is the addition to total product when an extra input factor is used .
M.P =Change in output/Change in input
Thus , total product is the summation of marginal products at different input levels .
Average product
It is definedas output /unit of input factor or average of total product / unit of inputs and can be calculated by
Average P= total product / unit of variable input factor
In simple terms , total product is the total volume or total amount of final output produced by a firm using the given inputs in a given time period .
Marginal Product
Marginal product is the additional output produced as a result an additional unit of variable input factor is called marginal product . Thus , marginal product is the addition to total product when an extra input factor is used .
M.P =Change in output/Change in input
Thus , total product is the summation of marginal products at different input levels .
Average product
It is definedas output /unit of input factor or average of total product / unit of inputs and can be calculated by
Average P= total product / unit of variable input factor
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