Question

How can you get marginal product from total product?

Answer 1

You can get the marginal product from the total product by calculating the change in total output when one more unit of a variable input is added. Marginal product refers to the additional output generated due to the use of one extra unit of input, keeping all other inputs constant. It helps measure the productivity of each additional unit of input used in the production process. To calculate it, we take the difference in total product (TP) and divide it by the change in the variable input (N).

The formula is: MP_N ​= `(ΔTP)/(ΔN`