Define the term TP AP and MP. (2024)

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Define the term TP AP and MP.? ›

Total product TP is the total quantity of a commodity produced in a given period. Marginal product MP is additional quantity of the commodity produced by using an additional unit of a variable factor. Average product AP is the output per unit of the variable factor.

TP stands for the Total product, MP stands for the Marginal Product and AP stands for the average product. Let's understand these briefly. Total Product: Total product is referred to as the relationship between the variable input and the output, when all other factors of input are constant.

TP is summation of MP:

Total Product can also be calculated as the sum of marginal product.

Relationship between Total Product and Marginal Product

TP increases at an increasing rate when MP increases. This pattern provides a Total Product Curve with a shape of convex. It then continues till MP reaches the maximum point of TP. Where MP declines and stays positive, TP increases at a decreasing rate.

The relationship between AP and MP can be explained with the help of the following diagram:In the diagram: i The AP increases when MP is greater than AP. ii The AP is at its maximum when both MP and AP are equal. This is shown at point E. iii The AP decreases when MP ip less than AP.

abbreviation for

title page. toilet paper ( def ). Surveying. turning point.

Marginal product MP is additional quantity of the commodity produced by using an additional unit of a variable factor. Average product AP is the output per unit of the variable factor.

Average product, as the name suggests, refers to the per unit total product of the variable factor (here, labour). Hence, the calculation of Average Product is also very simple. AP = Total Product/ units of variable factor input = TP/L.

The associate producer or 'AP' is someone who works closely with the producer and assists him or her in putting a TV show or film together. They serve as their right-hand human and are therefore entrusted to complete a very wide range of tasks. You can see this position as a “side-kick” character in a superhero movie.

Other full forms of TP are Test Protocol in computer and networking category, Telephone pole in telecommunication category, Transfer Protocol in networking, Third Party in the software category, Triple Point in chemistry category, Test Point in electronics, Turbo Pump in space science category, Teaching Professional in ...

When TP is maximum, MP is? ›

The maximum point of TP is when MP becomes zero.

Answer. Ans: As long as MP is higher than AP, AP increases.

(c) Marginal Product (MP) or marginal physical product denoted by MPP. APP is the output produced per unit of input employed. It can be obtained by dividing TPP by the number of units of variable input. So APP = TPP/L where L is the units of labour.

Total product is the starting point for the analysis of short-run production. It indicates how much output a firm can produce according to the law of diminishing marginal returns. Relation Between TP/MP And AP/MP Curves.

It is essential to know that when MP is maximum at the point, TP starts to rise in a diminishing way. Here MP is negative while TP remains positive even at its fall. Now the AP curve shows similar characteristics as MP. It starts to increase and reaches max to fall.

For any degree of an input, the sum of marginal products of every foregoing unit of that input gives the total product. So, the total product is the sum of marginal products.

{{#category_index:T|turning point, turn point (TP)}} 1. The location of the survey rod in the procedure where transit and survey rod successively leap-frog over each other in traversing along a line.

What Is Transfer Price? Transfer price, also known as transfer cost, is the price at which related parties transact with each other, such as during the trade of supplies or labor between departments.