10.17: Outcome- Marginal, Average, and Total Product
- Page ID
- 249354
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What you’ll learn to do: define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product
In this section, you’ll learn more about the types of decisions that firms face in the short-run. A firm must consider their marginal, average, and total products to help determine how much they could and should produce.
The specific things you’ll learn to do in this section include:
- Explain diminishing marginal product and diminishing marginal returns
LEARNING ACTIVITIES
The learning activities for this section include:
- Reading: Production Choices and Costs
- Self Check: Marginal, Average, and Total Product
Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.
CC licensed content, Original
- Authored by: Steven Greenlaw and Lumen Learning. License: CC BY: Attribution