1. PRODUCTION FUNCTION

2. Production Function
-is the relationship between Output and Input

3. Average
Product
Total
Product
Marginal
Product

4. Total
Product
Average
Product
Amount of output
obtained from given
amount input.
Additional output
obtained by one more unit
of input.

5. Marginal
Product
Amount of output
obtained per unit of input.

7. Units of Labor
Inputs
Total Product
Average Product Marginal Product
1
89
89
2
93
46.5
4
3
95
31.67
2
4
96.67
24.17
1.67