Question

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Ques: Define total physical product.​

Answer 1

Answer:

The total quantity of output produced by a firm for a given quantity of inputs. The insertion of the word "physical" merely keeps the phrase consistent with average physical product and marginal physical product, two terms useful in marginal-productivity theory and the analysis of factor demand.

Explanation:

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Answer 2

Explanation:

Total Physical Product the total quantity of OUTPUT produced in the SHORT RUN by utilizing various amounts of the VARIABLE FACTOR INPUT (in conjunction with a given amount of FIXED FACTOR INPUT). The total physical product curve, as shown in Fig. 186, rises steeply at first, reflecting increasing RETURNS TO THE VARIABLE FACTOR INPUT but then rises more slowly as diminishing returns to the variable input set in.

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