Answer to Question #228921 in Microeconomics for Cebo

Question

Define the following economic terms according to costs and production of a firm:

3.1.1 Total product

3.1.2 Average product

3.1.3 Marginal product

Answer 1

1.Total product refers to the total amount of output produced by a firm using given amounts of input at a given period of time.

2. Average product refers to the average of the total product per unit of input.

3.Marginal product refers to the extra output that results from the addition of one unit of the input to the existing combination of factors of production.