What Is TP, MP and AP?

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Solution

TP stands for the Total product, MP stands for the Marginal Product and AP stands for the average product. Let’s understand these briefly.
Total Product: Total product is referred to as the relationship between the variable input and the output, when all other factors of input are constant.
Marginal Product: Marginal product is referred to as the change in output seen with per unit change of an input while keeping all other factors of input constant.
Average Product: It is defined as the output per unit of variable input.
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

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Out of TP , MP and AP , which aspect should a producer consider more importantly ?

Unit of Labour	1	2	3	4	5
AP	15	14	13	12	11

Units of Labour	$T P$	$A P$	$M P$
$1$ $2$ $3$ $4$ $5$ $6$ $7$ $8$	$4$ $12$ $24$ $32$ $36$ $36$ $28$ $16$	- - - - - - - -	- - - - - - - -

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