Asked by
Jeremy Ramirez
on Oct 27, 2024
Verified
The _____ curve shows the absolute quantities of output that can be obtained from different quantities of a variable input,assuming other inputs are fixed.
A) total input
B) marginal input
C) total product
D) average total quantity
Total Product Curve
The total product curve illustrates the relationship between the quantity of inputs used in production and the quantity of output produced, demonstrating the law of diminishing returns.
Variable Input
A production input whose quantity can be changed in the short term to adjust the level of output.
- Acquire proficiency in the principles of marginal and total product pertaining to production.
- Gain insight into the impact of capital and labor on the dynamics of total and marginal product curves.
Verified Answer
SJ
Learning Objectives
- Acquire proficiency in the principles of marginal and total product pertaining to production.
- Gain insight into the impact of capital and labor on the dynamics of total and marginal product curves.