Asked by HAM?T C?HAN on May 23, 2024

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The marginal product of a factor is just the derivative of the production function with respect to the amount of this factor, holding the amounts of other factor inputs constant.

Marginal Product

The additional output that is produced by adding one more unit of a specific input, ceteris paribus.

Production Function

An equation, graph, or table that describes the maximum amount of output a firm can produce from a given set of inputs.

  • Interpret the relationship between marginal product and factor demand.
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HA
Hambisa AyanaMay 26, 2024
Final Answer :
True
Explanation :
This is the definition of the marginal product of a factor.