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Question
How is total product derived from the marginal product?
Short Answer
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Solution
Total Product (TP) is derived from the Marginal Product (MP) by adding the marginal products of all units of the variable factor.
TP = ∑MP
For example, if the marginal product of the first and second workers is 100 and 120 respectively, then:
TP = 100 + 120 = 220 units
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