The total product represents the overall output produced by a firm within a specific time frame based on the combination of inputs used. In the context of production during the short run, inputs are classified as fixed or variable.
The total product curve exhibits three stages: (1) increasing marginal returns causes the change in output to increase faster than the change in the variable input, making the positively sloped total product curve convex to the origin, (2) when the decreasing marginal returns sets in, the total output increases slower than the change in variable input, making the positively sloped total product curve concave to the origin, and (3) negative marginal returns causes the total output to decrease despite increases in the variable input, causing the total product curve to become negatively sloped.
The average product is defined as the total product divided by the quantity of variable input used. The average product curve initially increases as the total product rises faster than the input quantity, reaches a maximum where it intersects with the marginal product curve, and finally declines as diminishing returns set in.
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