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Questions
What is meant by the total product?
What is Total Product?
Short Answer
Very Short Answer
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Solution 1
Total product or total physical product is the total amount of a commodity produced in a specific time by using a certain quantity of a variable factor along with a fixed factor. It's also known as ‘total returns’.
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Solution 2
The term “total product” refers to the total number of units produced by all (fixed and variable) factors. Since the fixed factors remain constant, the total product is a function of the variable factors in the short term.
Symbolically:
TP = f(Q), where TP = Total Product
Q = Quantity of variable factors
f = Functional relation
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