What is the relationship between total product, marginal product, and average product shown by the law of diminishing returns?
Please provide the best answer for the statement.
Total product first increases at an increasing rate, but then it increases at decreasing rate. After it reaches a maximum, it then declines. The marginal product shows the slope of the total product curve. When total product is rising at an increasing rate, marginal product is rising. When total product is increasing at a decreasing rate, then marginal product is still positive, but diminishing. When total product reaches a maximum, marginal product is zero. Total product declines when the marginal product becomes negative. The average product has similar characteristics to marginal product. It rises, reaches a maximum, and then declines. In the rising phase for average product, marginal product is greater than average product. Average product declines at the point at which the marginal product falls below average product.
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