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Consumers and producers both play a crucial role in the efficient operation of an economy. A producer uses a variety of inputs to create commodities and services. Production is an essential economic activity since it transforms the product into the form consumers require, increasing its utility. It helps transform the raw materials into some desirable product. In simple words, it includes the transformation of input into output. The product concept can be seen from three different perspectives: Total Product Marginal Product Average Product 1. Total Product (TP): Total Product refers to the total quantity of goods produced by a firm during a given period of time with a given number of units 2. Average Product (AP): Average Product refers to output per unit of a variable input. 3. Marginal Product (MP): Marginal Product refers to the addition to the total product when one more unit of a variable factor is employed. It calculates the extra output per additional unit of input while keeping all other inputs constant. Other names of Marginal Product are Marginal Physical Product (MPP) or Marginal Return. Ecoholics is the largest platform for economics. Download our app: http://ecoholics.in/mobile-app/ Visit our website for further information and resources: http://ecoholics.in/ To Subscribe for Courses - https://subscription.ecoholics.co.in/ Reach out to us on Whatsapp for further information: https://wa.me/917880107880 If you’re preparing for competitive exams like UPSC IES, RBI DPER or UGC NET then Ecoholics is the one-stop destination for all your learning needs. Study economics the smart way and get an in-depth understanding of this dynamic subject with our holistic approach. Our team of expert faculties help you polish your knowledge and provides you with one-on-one mentorship and doubt-clearing sessions, so you leave no stone unturned when it comes to your preparation. By signing up with us, you can access our live classes, video lectures, test series and get the hard copy of study material delivered to your doorstep, so your preparation never hits a bump! Follow our social media handles to stay updated on all things economics. Follow Ecoholics on Twitter- / ecoholics_in Follow Ecoholics Facebook Group - / 41907. . Follow Ecoholics Facebook Page - / ecoholics8 Follow Ecoholics on Instagram: / ecoholics.in Follow Ecoholics on Telegram: https://t.me/ecoholicsbysanat Become a Member of Largest Community of Economics: https://ecoholics.in/become-a-member/ #totalproduct #averageproduct #marginalproduct #tp #mp #ap #productionfunction #microeconomics #class12 #ecoholics #economics #economic #economists #upsc #rbi #indianeconomicsservice #ias #iitjam #gateeconomics #ugcnet #ugc #jrf #economy #unionpublicservicecomission #ignou #dse #jnu #maentrance #pgentrance