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Explain the relationship between marginal product(MP) and total product (TP)of an input.?
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Explain the relationship between marginal product(MP) and total produc...
The relationship between total product and marginal product can be described using the Law of Variable Proportion. The Law of variable proportion states that as more and more factor input is employed, the addition is output keeps on decreasing. If the marginal product is increasing, the total product increases at an increasing rate.
The marginal product reaches its maximum when the total product stops increasing at an increasing rate. If the marginal product is decreasing or falling but still positive, total product increases but at a diminishing rate. When MP falls and becomes zero, the total product reaches its maximum. When the marginal product is negative, the total product starts falling.
The marginal product reaches its maximum when the total product stops increasing at an increasing rate. If the marginal product is decreasing or falling but still positive, total product increases but at a diminishing rate. When MP falls and becomes zero, the total product reaches its maximum. When the marginal product is negative, the total product starts falling.
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Explain the relationship between marginal product(MP) and total product (TP)of an input.?
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Explain the relationship between marginal product(MP) and total product (TP)of an input.? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Explain the relationship between marginal product(MP) and total product (TP)of an input.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the relationship between marginal product(MP) and total product (TP)of an input.?.
Explain the relationship between marginal product(MP) and total product (TP)of an input.? for Class 12 2024 is part of Class 12 preparation. The Question and answers have been prepared according to the Class 12 exam syllabus. Information about Explain the relationship between marginal product(MP) and total product (TP)of an input.? covers all topics & solutions for Class 12 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Explain the relationship between marginal product(MP) and total product (TP)of an input.?.
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