Question

Bring out the Relationship among Total, Average and Marginal Products.

Answer 1

Stages	Total Product	Marginal Product	Average Product
Stage I	Initially, it increases at an increasing rate and then increases at a decreasing rate	At the beginning it increases, then reaches a maximum and starts to decrease	At the first instant it increases, then attains maximum
Stage II	It continues to increase at a diminishing rate and reaches maximum.	It continues to diminish and becomes equal to zero	It is equal to MP and then begins to diminish
Stage III	It diminishes	It becomes negative	It continues to diminish but always greater than zero (positive)