Discuss the concepts of total production, average production, and marginal production.

 (i) Total Product (TP): It refers to the aggregate output produced with the help of factor inputs during a particular period of time. It is obtained by adding the Marginal product contributed by each input. (ii) Average Product(AP): Average product is an unit of output which is produced per unit input. It is calculated by dividing the Total Product by the variable inputs. AP =  T P L � � � where TP is Total product and L variable factor input (e.g. Labour) (iii) Marginal Product (MP): Marginal product refers to additional unit of output produced with the help of additional unit of input of labour or Capital. We can calculate MP with the help of the following formula: MP = TPn – TPn-1 Where, MP is marginal product, TPn is Total product of‘n’ units, and TPn-1 is Total product of the previous unit of output. Diagrammatic representation of TP, AP and MP. The total product (TP) curve, in the beginning increases at increasing rate later at decreasing rate, reaches maximum and starts falling. The average product (AP) curve rises in the beginning, reaches maximum with the increase in inputs and output. The marginal product (MP) rises, reaches maximum level before AP and falls. It becomes zero when TP is maximum. When TP starts falling the MP curve crosses ‘x’ axis to become negative.Read more on Sarthaks.com - https://www.sarthaks.com/666809/explain-the-concepts-total-product-average-product-marginal-product-with-the-help-diagram