Define \"marginal product\". How is it calculated? How is it
used?
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Economics
Define \"marginal product\". How is it calculated? How is itused?
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The term marginal refers to small incremental changes A marginal product is the incremental change in output attributed to a change in any single input item For example marginal product may be the increased number of products produced with the addition of one extra worker on a production line Marginal product increases may also be attributed to other input factors besides labor Calculations of Marginal Product The formula for marginal product is that it equals the change in the total number of units produced divided by the
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