Average Product (AP) is the amount of output produced by each unit of a variable input, usually labour.
Tag: marginal product
marginal product
Marginal product (MP) is the extra output created by adding one more unit of a variable resource, such
total product
Total product (TP) refers to the complete amount of output a business produces by using a specific quantity
law of diminishing returns
The law of diminishing returns, also known as the law of variable proportions, states that if you keep