state the relationship between total product and marginal product
Answers
Answer:
Total product is simply the output that is produced by all of the employed workers. Marginal product is the additional output that is generated by an additional worker. With a second worker, production increases by 5 and with the third worker it increases by 6.
It is defined as the output per unit of factor inputs or the average of the total product per unit of input and can be calculated by dividing the Total Product by the inputs (variable factors).
The relationship between TP and MP is explained through the Law of Variable Proportions. As long as the the TP increases at an increasing rate, the MP also increases. This goes on till MP reaches maximum. When TP increases at a diminishing rate, MP declines.
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