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| 1. |
What is the marginal product of an input |
| Answer» Hlw..<br>Marginal product of an input is explained as the change in output per unit of change in the input when all other inputs are held unchanged. When capital is held unchanged, the marginal product of labour is\xa0:MPL\xa0=\xa0Change in output\xa0/\xa0Change in input∆TPL\xa0/ ∆LSince inputs cannot take negative values, marginal product is unexplained at zero degree of input employment. For any degree of an input, the sum of marginal products of every foregoing unit of that input gives the total product. So total product is the sum of marginal products. | |