Marginal product refers to the change in output or production divided by the change in variable inputs (labor). the total output produced for a given level of variable input (such as labor). the quantity of output produced divided by the quantity of labor (number of workers).
Marginal product refers to the change in output or production divided by the change in variable inputs (labor). the total output produced for a given level of variable input (such as labor). the quantity of output produced divided by the quantity of labor (number of workers).
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 7P
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