total physical product

Total physical productclick for a larger image
Fig. 186 Total physical product.

total physical product

the total quantity of OUTPUT produced in the SHORT RUN by utilizing various amounts of the VARIABLE FACTOR INPUT (in conjunction with a given amount of FIXED FACTOR INPUT). The total physical product curve, as shown in Fig. 186, rises steeply at first, reflecting increasing RETURNS TO THE VARIABLE FACTOR INPUT but then rises more slowly as diminishing returns to the variable input set in.
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