Introduction to Economics 1 Deneme Sınavı Sorusu #1397662
Which of the following statement is correct for the definition of Marginal Product of Labor?
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is the total output produced when a small amount of additional labor is employed with all other inputs remaining the same, |
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is the average output produced when a small amount of additional labor is employed with all other inputs remaining the same, |
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is the maximum potential output produced when a small amount of additional labor is employed with all other inputs remaining the same, |
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is the additional output produced when a small amount of additional labor is employed with all other inputs remaining the same, |
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is the max. output produced when an additional labor is employed while all other inputs vary. |
Marginal Product of Labor
Marginal Product of Labor (MPL) is the additional output produced when a small amount of additional labor is employed with all other inputs remaining the same. More formally, it is the ratio of change in total product to the change in the amount of labor used.
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