How do you find marginal product?
Understand the Problem
The question is asking about the concept of marginal product, which refers to the additional output generated by adding one more unit of a specific input while keeping other inputs constant. To answer this, one would typically look at production functions and calculate the change in output resulting from a change in input.
Answer
Divide the change in total output by the change in input, while keeping other inputs constant.
The marginal product is found by dividing the change in total output by the change in the input used, while keeping other inputs constant.
Answer for screen readers
The marginal product is found by dividing the change in total output by the change in the input used, while keeping other inputs constant.
More Information
The marginal product helps determine how efficient an additional unit of input is in producing output.
Tips
Common mistakes include not holding other inputs constant and misunderstanding the unit change in input.
Sources
- Marginal Product Explanation - Investopedia - investopedia.com
- Marginal Product - Khan Academy - khanacademy.org
