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Question
What Is the Formula of the Total Product?
What Is the Formula of the Total Product?
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Solution
Total product is referred to as the total volume of output produced by a firm using given inputs.
The total product formula is
TP = AP × L
Where,
AP = Average Product
L= Labour
Also read:
- Total Product Average Product and Marginal Product
- Meaning of Demand and Factors Affecting Demand
- Law of Variable Proportion
- The Law of Diminishing Marginal Product and the Law of Variable Proportions
Stay connected with BYJU’S for more such questions and answers on various commerce topics.
Total product is referred to as the total volume of output produced by a firm using given inputs.
The total product formula is
TP = AP × L
Where,
AP = Average Product
L= Labour
Also read:
- Total Product Average Product and Marginal Product
- Meaning of Demand and Factors Affecting Demand
- Law of Variable Proportion
- The Law of Diminishing Marginal Product and the Law of Variable Proportions
Stay connected with BYJU’S for more such questions and answers on various commerce topics.
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