Advertisements
Advertisements
Question
What is marginal product?
Advertisements
Solution 1
Marginal product is the change in production for one unit change in variable factor, say labour. It’s expressed as MPL = `(∆Q)/(∆L)`.
Solution 2
Marginal product is the difference made to total product by producing one more unit of output.
Symbolically, MP = TPn − TPn-1 where TPn = Total Product of n units.
Or MP = TPn+1 − TPn
TPn-1 = Total Product of (n − 1) units.
TPn+1 = Total Product of (n + 1) units.
RELATED QUESTIONS
State the different phases of change in the total product according to the Law of Variable Proportions. Use diagram
What are the different phases in the Law of Variable Proportions in terms of Total Product ? Give reasons behind each phase. Use diagram.
What is the law of variable proportions?
The short-run production is studied through
Mention the economies reaped from inside the firm
Modern economists have propounded the law of
Define Marginal Product of a factor.
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?
At the point of inflexion, ______ is maximum.
What are Average product?
With the help of a suitable diagram, discuss the relationship between Average product and Marginal Product.
What happens to marginal product after a certain point, if more and more labour is added to fixed land?
What is the formula for calculating Average Product?
Which stage is shown when total production drops and marginal product becomes negative?
