Define Marginal product of a factor?

1.	Define Marginal product of a factor?
Answer» It is the addition or the increment made to the total product when one more unit of the variable input is employed . In other words, it is the ratio of the change in the total product to the change in the units of the input. It is expressed as Where, MP = ∆TP/∆N Where, MP = Marginal Product ∆TP = Change in total product ∆N = Change in units of input It is also expressed as MP = TP[n] – TP [n – 1] MP = Marginal product TP [n] = Total product of employing nth unit of a factor. TP [n – 1] = Total product of employing the previous unit of a factor, that is, [n – 1]^thunit of a factor.

Answer»

It is the addition or the increment made to the total product when one more unit of the variable input is employed . In other words, it is the ratio of the change in the total product to the change in the units of the input. It is expressed as

Where, MP = ∆TP/∆N

Where, MP = Marginal Product

∆TP = Change in total product

∆N = Change in units of input

It is also expressed as

MP = TP[n] – TP [n – 1]

MP = Marginal product

TP [n] = Total product of employing nth unit of a factor.

TP [n – 1] = Total product of employing the previous unit of a factor, that is, [n – 1]^thunit of a factor.

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