Question

Once Define TP, AP, and MP. With the help of a table​

Answer 1

Answer:

TP for the Total product, MP stands for the Marginal Product and AP stands for the average product. Let’s understand these briefly.

Total Product: Total product is referred to as the relationship between the variable input and the output, when all other factors of input are constant.

Marginal Product: Marginal product is referred to as the change in output seen with per unit change of an input while keeping all other factors of input constant.

Average Product: It is defined as the output per unit of variable input.

Also read:

Total Product Average Product and Marginal Product

Meaning of Demand and Factors Affecting Demand

Law of Variable Proportion

The Law of Diminishing Marginal Product and the Law of Variable Proportions