What is the marginal productthe marginal product of an, Ask an Expert

Economics

What is the marginal product?

The marginal product of an input is the extra quantity of output which is generated by using one more unit of which input.

Marginal product of labor = Change in quantity of output/Change in quantity of labor = Change in quantity of output produced by one additional unit of labor.

MPL = ΔQ/ ΔL

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9581472

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