2. TOTAL PRODUCT
Total product (TP) is the total quantity of goods or services
produced by a firm with the given input during a specific period
of time.
Total product (TP) will be helpful to elucidate the concepts of
average product (AP) and marginal product (MP).
Total product (TP) is the total output produced by a firm using a
given quantity of inputs, such as labor
3. AVERAGE PRODUCT
Average product is the amount of output produced per
unit of a variable factor during time period.
The average product is the total product divided by the
total amount of inputs used in production.
Average product =Total product /Total inputs used
4. MARGINAL PRODUCT
The marginal product is the additional amount of output
produced by using one additional unit of input, while holding all
other inputs constant.
marginal product is the change in total product due to the
change in employing one extra unit of a variable factor.
Marginal product = Change in total output / Change in quantity
of input used