ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the Quality of Input
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The Quality of Output
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The Quantity of Output
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The Quantity of Input
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Detailed explanation-1: -Total product is simply the output that is produced by all of the employed workers. Marginal product is the additional output that is generated by an additional worker.
Detailed explanation-2: -In simple terms, we can define Total Product as the total volume or amount of final output produced by a firm using given inputs in a given period of time.
Detailed explanation-3: -Total product is the overall quantity of output that a firm produces, usually specified in relation to a variable input. Total product is the starting point for the analysis of short-run production.
Detailed explanation-4: -What is the Total Product? It refers to the total amount of output that a firm produces within a given period, utilising given inputs. Total Product Formula is. TP= AP*L. Where AP= product/ labour unit; L= Labour.
Detailed explanation-5: -The total product refers to the total amount (or volume) of output produced with a given amount of input during a period of time.