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BASIC CONCEPT OF PRODUTION — Economics Keypoint

BASIC CONCEPT OF PRODUTION

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MARGINAL PRODUCTIVITY

The marginal productivity means change in total output, which results from employment of an extra unit of variable factors-labour or capital.

AVERAGE PRODUCTIVITY

This is referred to as the total product per unit of the variable factor. That is, total output divided y the variable factor.

TOTAL PRODUCTIVITY

is the total amount of goods produced by all the factors of production over a period of time.

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