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.
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.
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 7P
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