Write the Meaning of the Abbreviation on the Line

question 12

Short Answer

Write the meaning of the abbreviation on the line.
-BPH ___________________________

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Definitions:

Total Product

The total quantity of output produced by a firm or economy as a result of combining inputs of labor and capital over a specific time period.

Average Product

The output produced per unit of input used, calculated by dividing total output by the quantity of inputs.

Labor

The effort by humans to produce goods or services in the economy.

Marginal Product

The extra output produced from using an additional unit of a specific input while keeping all other inputs unchanged.