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
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.