Question

PLS ANSWER MY QUESTION .....CAN TP EVER FALLS WHEN MORE AND MORE OF THE VARIABLE FACTOR IS COMBINED WITH THE FIXED FACTOR?

Answer 1

Answer:

Total product of an input refers to total volume of goods and services produced by a firm with the given inputs during a specified period of time.

Answer 2

TP stands for Total Product.

• Total Product is defined as universal quantity of production that a firm produces, generally definitive in relation to a varying input.

• Total product is the initiating point for the examination of short term production. It stipulates that how much output a firm can generate according to the law of reducing marginal returns.

• The Law of diminishing marginal product declares that when we put in more and more units of fluctuating factor to a specified quantity of fixed factor, Total product increases at a declining rate and minor product drops.