Difference between revisions of "Marginal product"
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| − | Marginal product is the increase in total output due to an increase in one unit of input. | + | '''Marginal product''' is the increase in total output due to an increase in one unit of input. |
Marginal product (MP) = (change in total product) divided by (change in a variable input). | Marginal product (MP) = (change in total product) divided by (change in a variable input). | ||
Revision as of 15:35, May 9, 2007
Marginal product is the increase in total output due to an increase in one unit of input.
Marginal product (MP) = (change in total product) divided by (change in a variable input).
"Marginal physical product" has the same meaning as "marginal product."