Define the Following Terms So That You Clearly Distinguish Each

question 6

Essay

Define the following terms so that you clearly distinguish each from the others: family, kinship, and marriage.

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Definitions:

Total Product

The total output or production achieved by a firm or economy at a given level of input.

Marginal Product

The additional output produced by adding one more unit of a specific input, keeping all other inputs constant.

Marginal Revenue Product

The additional revenue a firm gains from employing one more unit of input, holding all other inputs constant.

Output

The amount of goods or services produced by a company, industry, or economy within a specified period.