What is the total product of …
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Meghna Thapar 5 years, 1 month ago
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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. It indicates how much output a firm can produce according to the law of diminishing marginal returns. The marginal product of an input, say labour, is defined as the extra output that results from adding one unit of the input to the existing combination of productive factors.
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