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| 1. |
Define marginal physical products |
| Answer» The law of diminishing\xa0marginal productivity\xa0is also known as the law of diminishing\xa0marginal\xa0returns.\xa0Marginal productivity\xa0or\xa0marginal product\xa0refers to the extra\xa0output, return, or profit yielded per unit by advantages from\xa0production\xa0inputs. Inputs can include things like labor and raw materials.\xa0Marginal physical product, usually abbreviated MPP, is found by dividing the change in total\xa0physical product\xa0by the change in the variable input. | |