WAEC Economics 2015 Question 18

Question 18

Theory of Production

By adding all the marginal products at each level of employment of the variable input, we obtain a value equal to

  1. A.average product.
  2. B.total product.
  3. C.average variable cost.
  4. D.total cost.
Show the answer and explanation

Answer: B (total product.)

Explanation

Total product is the sum of the marginal products.