एक्सप्लेन द कंसेप्ट ऑफ टोटल एवरेज एंड मार्जिनल प्रोडक्ट विद द हेल्प ऑफ अ टेबल
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Economics > Production and Costs > Total Product, Average Product and Marginal Product
Production and Costs
Total Product, Average Product and Marginal Product
What is the production function in economics? Let us study the definitions of Total Product, Average Product and Marginal Product in simple economic terms along with the methods of calculation for each. We will also look at the law of variable proportions and the relationship between Marginal product and Total Product.
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Production Function
The function that explains the relationship between physical inputs and physical output (final output) is called the production function. We normally denote the production function in the form:
Q = f(X1, X2)
where Q represents the final output and X1 and X2 are inputs or factors of production.