SELECT * FROM question_mgmt as q WHERE id=10250 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=60 AND chapterId=610 and ex_no='1' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th micro-economics Production and Costs what is the marginal product of an input nbsp

Question:

What is the marginal product of an input? 

Answer:

Marginal Product is defined as the additional output produced because of the employment of an additional unit of labour. In other words, it is the change in the total output brought by employing one additional unit of labour. Algebraically, it is expressed as the ratio of the change in the total product to the change in the units of labour employed, i.e.

MPL = TPn –TPn-1
Or,
Where,
TPn = Total product produced by employing n units of labour
TPn-1 = Total product produced by employing (n – 1) units of labour


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