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Total product, average product and marginal product

Title: Total product, average product and marginal product
Category: /Social Sciences/Economics
Details: Words: 816 | Pages: 3 (approximately 235 words/page)
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 …showed first 75 words of 816 total…
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…showed last 75 words of 816 total…inefficiency in order to change your amount of your input(labor) if there is an inefficiency circumstance. Marginal product and marginal product curve show you whether one more extra input is efficiency or inefficiency in order to make decisions about change the firm's input(labor) if there is required. So therefore, proved that as I said in the beginning, these three terms are the foundation information and methods of the short-run analysis of a firm.

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