What is the difference between total and marginal product?     Total product is the output produced; marginal product is the change in total output with respect to the change in one unit of output.   Total product is only related to revenue while marginal product is only related to cost.   They are the same; there is no difference.   Total product is the change in total output with respect to the change in one unit of output; marginal product is the output produced.

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 7P
icon
Related questions
Question
What is the difference between total and marginal product?
 
  Total product is the output produced; marginal product is the change in total output with respect to the change in one unit of output.
  Total product is only related to revenue while marginal product is only related to cost.
  They are the same; there is no difference.
  Total product is the change in total output with respect to the change in one unit of output; marginal product is the output produced.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal Product
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Microeconomics: Private and Public Choice (MindTa…
Microeconomics: Private and Public Choice (MindTa…
Economics
ISBN:
9781305506893
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning
Economics: Private and Public Choice (MindTap Cou…
Economics: Private and Public Choice (MindTap Cou…
Economics
ISBN:
9781305506725
Author:
James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:
Cengage Learning