Total product, average product and marginal product
In the background to supply, we notice about the terms "total product", "marginal product" and "average product". These three figures are the foundation upon which the analysis of short-run production for a firm is analyzed.
Total product is the total quantity of output produced by a firm for a given quantity of inputs. The usual framework is to analyze total product when in a variable input (labor) changes, for a given amount of a fixed input (capital).
In diagram 1, as the curve shows, the more labor hours you used, the more output of product before the point Tma…
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