production function
TRANSCRIPT
PRODUCTION FUNCTION
Production Function
-is the relationship between Output and Input
Total ProductAverage Product
Marginal Product
Additional output obtained by one more unit of input.
Total Product
Average Product
Amount of output obtained from given amount input.
Marginal Product
Amount of output obtained per unit of input.
Units of LaborInputs
Total Product Average Product
Marginal Product
1 89 89
2 93 46.5 4
3 95 31.67 2
4 96.67 24.17 1.67
