Asked by Mylene Salazar on Jun 25, 2024
Verified
The formula for the marginal product of labor is
A) L/q.
B) (ΔL) (Δq) .
C) q/L.
D) Δq/ΔL.
Marginal Product
The additional output generated by employing one more unit of a specific input, while holding other inputs constant.
Labor
The effort of humans, including both physical and mental labor, utilized in creating goods and providing services.
- Calculate the marginal product of labor using its formula.
Verified Answer
JD
Jordan DavisJul 01, 2024
Final Answer :
D
Explanation :
The marginal product of labor is calculated as the change in output (Δq) divided by the change in labor (ΔL), which is represented by the formula Δq/ΔL.
Learning Objectives
- Calculate the marginal product of labor using its formula.