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| Topic: |
Business
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| Number of pages / Number of words: |
8 / 2175 |
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This can be displayed in either a chart that lists the output level corresponding to various levels of input, or a graph that summarizes the data into a “total product curveâ€. The diagram shows a typical total product curve. In this example, output increases as more inputs are employed up until point A...
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The diagram shows a typical total product curve. In this example, output increases as more inputs are employed up until point A. The maximum output possible with this production process is Qm. (If there are other inputs used in the process, they are assumed to be fixed.)
The average physical product is the total product divided by the number of units of variable input employed...
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