ts used to make a good and the quantity of output of that good.РinputРoutputРfirmРFactors of productionРlabor,L?capital,K?natural resource,N?entrepreneur, E?So ….. production function ?Q=f( K , L, N, E)РTP=Q=f(L)РAP=TP/L= f (L) /LРMP=TP/L=dTP/dLРLРTPРAPРMPР0?1?2?3?4?5?6?7?8Р0?8?20?36?48?55?60?60?56Р0?8?10?12?12?11?10?8.6?7Р0?8?12?16?12?7?5?0?-4РShort run product function?Q = f (L,K)РAPРTPРMPРQРLРderivative slope inflexionРDiminishing Marginal ProductРDiminishing marginal product is the property whereby the marginal product of an input declines as the quantity of the input increases. ?Example: As more and more workers are hired at a firm, each additional worker contributes less and less to production because the firm has a limited amount of equipment.РLong run product function?Q = f (L,K)
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