Question

What Is Marginal Product

Answer 1

ANSWER:

The addition made to the total product by employing one more labourer is called the marginal product of labour. In other words, change in the total output due to the unit change in number of labourers employed.

MPn= TPn - TPn-1

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Answer 2

In Microeconomics or Production Economics,Marginal Product refers to the additional or incremental productivity obtained from any factor/input of production when an additional unit of that factor/input is employed or used in the production of output.

Explanation:

• Marginal product means the additional or incremental productivity or efficiency obtained from any factor/input of production when one more unit of that factor/input is used or employed in the production of any good or service by the firm or company.
• Marginal product is usually measured by the additional amount or volume of output produced when one more unit of any factor/input of production is used in the production process.
• It is also measured in terms of the additional revenue generated from selling the additional amount or volume of output produced by that one more unit of any factor/input of production.Therefore,marginal revenue obtained by any firm or company also reflects the marginal product of any factor/input of production,when we measure marginal product in monetary or financial terms.