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Define the following terms: (i) Total product (ii) Average product (iii) Marginal product |
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Answer» Solution :Total PRODUCT REFERS to total output of a commodity at a PARTICULAR level of a variable FACTOR combined with fixed facotrs. Average product is the output per unit of variable factor employed. Marginal Product is the addition to total product when one more unit of variable factor is employed while keeping other FACTORS fixed. |
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