Explain the total product,avarrege product and marginal product
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Total product: Total Product as the total volume or amount of final output produced by a firm using given inputs in a given period of time
Marginal product: marginal product is additional unit to the total Product
Marginal product: marginal product is additional unit to the total Product
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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
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