Outcome: Marginal, Average, and Total Product

What you’ll learn to do: define and differentiate between marginal, average, and total product; compute and graph marginal, average, and total product

In this section, you’ll learn more about the types of decisions that firms face in the short-run. A firm must consider their marginal, average, and total products to help determine how much they could and should produce.

The specific things you’ll learn to do in this section include:

  • Explain diminishing marginal product and diminishing marginal returns

LEARNING ACTIVITIES

The learning activities for this section include:

  • Reading: Production Choices and Costs
  • Self Check: Marginal, Average, and Total Product

Take time to review and reflect on each of these activities in order to improve your performance on the assessment for this section.

License

Icon for the Creative Commons Attribution 4.0 International License

ACC Principles of Microeconomics by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License, except where otherwise noted.