ECONOMICS

Detailed explanation-1: -Q:6 Suppose the first four units of a variable input generate corresponding total outputs of 200, 350, 450, 500. The marginal product of the third unit of input is: 50.

Detailed explanation-2: -Total output can be measured two ways: as the sum of the values of final goods and services produced and as the sum of values added at each stage of production. GDP plus net income received from other countries equals GNP. GNP is the measure of output typically used to compare incomes generated by different economies.

Detailed explanation-3: -Marginal product of an input is the additional output as a result of a unit change in the input.

Detailed explanation-4: -Economics. Marginal product reaches a maximum at a lower level of output than average product does. Marginal Product (MP) is the increase in the total output on using an additional unit of one factor in the production process while all other factors remain constant.

Detailed explanation-5: -Marginal product is the extra output or change in total product caused by adding one more unit of input.