Examlex
In general, firms with a standardized product should narrowly segment their market.
Marginal Product
The additional output generated by adding one more unit of a specific input, such as labor or capital, while holding other inputs constant.
Total Product
Total product refers to the total quantity of output produced by a firm within a given period as a result of inputs like labor and capital.
Average Product
The output per unit of input, calculated by dividing total product by the number of units of input.
Marginal Product
is the additional output that results from using one more unit of a particular input, holding other inputs constant.
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