Marginal product (MP) - The change in total product (output) attributable to the last unit of an input.
-Marginal product of labor: MPL = ∆ Quantity/ ∆Labor
-Marginal product of capital: MPK = ∆Quantity/ ∆Capital
GEB Explain
Managerial Economics
Marginal product (MP) - The change in total product (output) attributable to the last unit of an input.
Subscribe to:
Post Comments (Atom)
If the answers is incorrect or not given, you can answer the above question in the comment box. If the answers is incorrect or not given, you can answer the above question in the comment box.