A firm is operating in the range of production where the law of diminishing returns has set in. The firm's total product when 10 units of labor are employed is 50. The marginal product of 11th unit of labor is 4. What is the firm's total product when 11 units of labor are employed?
Total product is defined as the total output produced by the firm using all its factor inputs in a specified period of time with the given level of technology.
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fromChapter 4 / Lesson 2
In Economics, there are three factors involved in the theory of production: total product, average product, and marginal product. Explore this theory and learn how to maximize the efficiency of these production tools.