Define the following terms: (i) Total product (ii) Average product (iii) Marginal product

Define the following terms: (i) Total product (ii) Average product (ii

1.	Define the following terms: (i) Total product (ii) Average product (iii) Marginal product
Answer» <html><body><p></p>Solution :Total <a href="https://interviewquestions.tuteehub.com/tag/product-25523" style="font-weight:bold;" target="_blank" title="Click to know more about PRODUCT">PRODUCT</a> <a href="https://interviewquestions.tuteehub.com/tag/refers-1181652" style="font-weight:bold;" target="_blank" title="Click to know more about REFERS">REFERS</a> to total output of a commodity at a <a href="https://interviewquestions.tuteehub.com/tag/particular-1147539" style="font-weight:bold;" target="_blank" title="Click to know more about PARTICULAR">PARTICULAR</a> level of a variable <a href="https://interviewquestions.tuteehub.com/tag/factor-458892" style="font-weight:bold;" target="_blank" title="Click to know more about FACTOR">FACTOR</a> combined with fixed facotrs.<br/>Average product is the output per unit of variable factor employed.<br/>Marginal Product is the addition to total product when one more unit of variable factor is employed while keeping other <a href="https://interviewquestions.tuteehub.com/tag/factors-458933" style="font-weight:bold;" target="_blank" title="Click to know more about FACTORS">FACTORS</a> fixed.</body></html>