Question

Explain the relationship between marginal product and total product.

Answer 1

The law of variable proportions is used to explain the relationship between Total Product and Marginal Product. ... When the Marginal Product (MP) increases, the Total Product is also increasing at an increasing rate. This gives the Total product curve a convex shape in the beginning as variable factor inputs increase.

Answer 2

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i.) When MP increases, TP increases at increasing rate.

ii.) When MP decreases ( but + ), TP increases at diminishing rate.

iii.) When MP is zero, then TP is Maximum.