Search results
Results from the WOW.Com Content Network
Marginal product is defined as the change in output as a result of one additional unit of a particular input. It is related to total product, which shows the total output as a result of all inputs ...
The marginal product of labor is calculated by dividing the change in output divided by the change in labor, given that all else is equal. For example, if output increased by 20 and labor ...
To learn more about marginal product, review the corresponding lesson titled Marginal Product: Definition & Example. This lesson will help you: Define marginal product
Marginal product is a measure of how much more it would take to produce one more of something. In some cases, this may be only an expense associated with the materials and labor required to make ...
Marginal product: Marginal product is the increase in the total output when the input is increased by 1 unit. For example, if a labor unit is increased from 1 to 2 units and the total output increases from 30 to 35 units, the the marginal product is equal to 5 units (35 - 30). Answer and Explanation: 1
The marginal product of labor is 60 units of output per labor hour, and the marginal product of capital is 48 un... View Answer. If the production function is Y = 3K, then an increase in capital (K) by 1 unit would: A) increase Y by 3 units B) decrease Y by 3 units C) increase Y by 0 units D) increase L by 3 units.
Businesses must measure the resources necessary to produce their product. To do so, economists enlist the use of total, average, and marginal product as metrics to effectively determine the ...
The marginal product is the change in output arising from the change in input, such as labor. Marginal revenue shows the change in revenue generated by increasing product output by one unit. The ...
a. Both marginal product and marginal cost are at a maximum. b. Both marginal product and marginal cost are at a minimum. c. Marginal product is at a maximum, and marginal cost ; Which of the following is true at the point where diminishing returns set in? a. Both marginal product and marginal cost are at a maximum. b.
The Marginal Product of Labor is: A. equal to the marginal product of labor when the average product is increasing B. the change in total product resulting from an extra unit of labor, holding other factors constant C. the amount of output that can be pro; Why is the marginal rate of substitution equal to the price ratio at an optimum?