Question 5 of 31beginner🧠 RememberVery Short1 mark
What is the marginal product of an input?
Correct Answer
Marginal product of an input is defined as the change in output per unit of change in the input when all other inputs are held constant.
Exercise: EXERCISES | Q: 4 | (Page 15)
For More Understanding
Explanation
The textbook definition in section 3.3.3 explicitly states that marginal product measures the change in output resulting from a unit change in input, assuming other factors remain constant. It is mathematically expressed as MP = ΔTP/ΔL.