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  • 22-02-2021
  • Business
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44. Total product (tp) refors to
a​

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  • 22-02-2021

Explanation:

It refers to the total amount of output that a firm produces within a given period, utilising given inputs. It is output per unit of inputs of variable factors. Average Product (AP)= Total Product (TP)/ Labour (L). It denotes the addition of variable factor to total product.

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