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Pablito Fechino
on Dec 05, 2024

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The value of the marginal product is the:

A) change in total output resulting from a unit change in the quantity of a factor.
B) change in total revenue resulting from a unit change in the quantity of a factor.
C) change in total cost resulting from a unit change in the quantity of a factor.
D) ratio of total revenue to the quantity of a factor employed.

Marginal Product

The additional output resulting from using one more unit of a particular input, holding other inputs constant.

Total Revenue

The total amount of money a company receives from its sales of goods or services, calculated before any expenses are subtracted.

Total Output

The total quantity of goods and services produced in an economy over a specific period of time.

  • Comprehend the relationship between marginal product, product price, and the value of the marginal product.
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BT
Brett ThompsonDec 08, 2024
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