Break-even point
total product that needs to sell to cover total costs
Long run
Break-Even Point
Break-Even Point
It is a product that is total
The total value of a product includes installing, maintenance and materials used in the creation of the product. It is the total value when making a final purchase.
Total product is the sum of all marginal products.
The sum is the total when numbers are added together, the product is the total when they are multiplied.
When the total product is increasing but at a decreasing rate, the marginal product will also decrease.
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
Total product is calculated by adding up all the units of output produced by a firm in the short run. It is typically represented by the formula: Total Product = Quantity of Labor * Marginal Product of Labor.
The total cost of the product excluding tax is the price of the product before any taxes are added.