Advertisements
Advertisements
प्रश्न
Define Marginal Product of a factor.
Advertisements
उत्तर
It is the addition or the increment made to the total product when one more unit of the variable input is employed. In other words, it is the ratio of the change in the total product to the change in the units of the input. It is expressed as
MP = ∆TP/∆N
Where MP = Marginal Product
∆TP = Change in total product
∆N = Change in units of input
It is also expressed as MP = TP [n] – TP [n-1]
MP = Marginal product
TP [n] = Total product of employing nth unit of a factor.
TP [n – 1] = Total product of employing the previous unit of a factor, that is, [n – 1]th unit of a factor.
APPEARS IN
संबंधित प्रश्न
State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
What is the law of variable proportions?
Explain the law of variable proportions with the help of a diagram.
Formula for calculating AP is
Who said, that one of the key of an entrepreneur is “uncertainty bearing”.
Mention the economies reaped from inside the firm
Product obtained from additional factors of production is termed as
Bring out the Relationship among Total, Average and Marginal Products.
When the Marginal Product turns negative, Total Product will ______.
Why is the AVC curve U-shaped?
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
What are Average product?
What is marginal product?
Which stage of the Law of Variable proportions will be the best for the producer? Explain with a reason.
Which term describes the extra output from adding one more unit of labour in production?
What is the formula for calculating Average Product?
Which stage is shown when total production drops and marginal product becomes negative?
Why should businesses study the law of variable proportions?
