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Question
Total product can be calculated as ______.
Options
∑AP
∑MP
MP × units of variable factor
none of these
MCQ
Fill in the Blanks
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Solution
Total product can be calculated as `bbunderline(∑MP)`.
Explanation:
Total Product (TP) is the total quantity of output produced by a firm using a given quantity of a variable input, while keeping other inputs constant. It is the sum of Marginal Products (MP) of all units of a variable factor.
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