Asked by joban preet Thind on Jul 22, 2024
Verified
Marginal product is:
A) the increase in total output attributable to the employment of one more worker.
B) the increase in total revenue attributable to the employment of one more worker.
C) the increase in total cost attributable to the employment of one more worker.
D) total product divided by the number of workers employed.
Marginal Product
This measures the additional output that is produced by adding one more unit of a specific input, keeping all other inputs constant.
Total Output
The entire quantity of goods or services produced by an individual, firm, industry, or economy within a specified period.
- Comprehend the theory and utilization of average and marginal product within the field of economics.
Verified Answer
JB
Jolie BaynesJul 24, 2024
Final Answer :
A
Explanation :
Marginal product refers to the additional output produced by adding one more unit of input, in this case, one more worker. Therefore, choice A is the correct answer as it accurately defines marginal product.
Learning Objectives
- Comprehend the theory and utilization of average and marginal product within the field of economics.