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Marginal product of labour is no of quantity u can get by increasing labour by one quantity i.e in simple term suppose u have N labour initially and they r manufacturing P product and then u r hiring one more labour for your work keeping all other factore constant so now your production is P' so P'-P is called marginal product of labour and if u r multiplying it with price of one product u will get value of marginal product of labor.
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What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
The marginal product of labor can be defined as?
change in output/change in labor.
Formula for marginal product of labor?
Change in Quantity/ Change in Units of Labor.
How does the marginal product of labor change as more pepople are hird?
As more people are hired, the marginal product of labor decreases because eventually having more and more employees will not make the company more productive.
What is labor cost control procedure?
A procedure through which it is considered by keeping in view economics approach that the cost of labor does not increase its marginal product cost i.e. labor cost less than marginal cost.
What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
The marginal product of labor can be defined as?
change in output/change in labor.
How does the marginal product of labor change as more people are hired?
As more people are hired, the marginal product of labor decreases because eventually having more and more employees will not make the company more productive.
Formula for marginal product of labor?
Change in Quantity/ Change in Units of Labor.
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
How does the marginal product of labor change as more pepople are hird?
As more people are hired, the marginal product of labor decreases because eventually having more and more employees will not make the company more productive.
When a firm's only variable input is labor then what does the slope of the production function measures?
marginal product of labor
What is labor cost control procedure?
A procedure through which it is considered by keeping in view economics approach that the cost of labor does not increase its marginal product cost i.e. labor cost less than marginal cost.
What is the change in output from adding one more worker called?
marginal product of labor
If the marginal product of labor starts being negative explain what must be done to lead to increasing returns?
A businesses can add more machinery to increase their marginal product of labor. With more machinery, employees will work the same number of hours, but produce more products.
The increase in output created by the addition of one more unit of input is called?
marginal product of labor (:
Draw a diagram with marginal product and average productExplain the relationship between marginal product and average product?
Marginal product is any input in the production process is the increase in the quantity of output obtained from on additional unit of the input. Average product is the output produced when one more unit of the variable factor is employed The relationship is state as: If labour's marginal product is exceed its average product that means labour's average product will be rising. Labour's average product will be falling. If labour's marginal product is less than its average product. If labour's marginal product is equal its average product and the average product will reach the minimum value at the point.
