CBSE (Arts) Class 12CBSE
Share
Notifications

View all notifications

Define Marginal Product. - CBSE (Arts) Class 12 - Economics

Login
Create free account


      Forgot password?

Question

Define marginal product.

Solution

Marginal Product (MP) is the additional output attributed to an additional unit of the variable factor, other factors remaining constant. For example, if there is an increase in the output with more labour (1 unit), then

MPn = TPn - TPn-1

where

MPn = Marginal product of the nth unit of labour

TPn = Total product produced with n units of labour

TPn-1 = Total product produced with (n - 1) unit of labour

  Is there an error in this question or solution?
Solution Define Marginal Product. Concept: Marginal Product.
S
View in app×