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). |
"Marginal physical product" has the same meaning as "marginal product." | "Marginal physical product" has the same meaning as "marginal product." | ||
[[category:economics]] | [[category:economics]] | ||
Revision as of 01:52, October 4, 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."