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The change in output that results from employing an added unit of labor (hiring 1 extra person).
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The marginal product of labor can be defined as?
change in output/change in labor.
If you have Marginal Cost and Marginal Damages how do you find the optimal level of output?
The optimal level of output is where marginal costs = marginal damages.
How marginal revenue and marginal cost can help set the most profitable output level?
A way to find the best level of output is to find the output level where marginal revenue is equal to marginal cost.
What would cause marginal costs to increase?
By definition marginal cost is the change in total costs for each additional item produced. Marginal costs will decrease when changes in inputs result in costs increasing at a decreasing rate. An example might be gains in productivity when hiring an additional unit of labor results in a more than proportional increase in output. Marginal costs would increase when an additional unit of an input results in a less than proportional increase in output (assuming input prices are constant).
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.
The change in output from hiring one additional unit of labor?
Marginal labour productivity.
What is the change in output from adding one more worker called?
marginal product of labor
The increase in output created by the addition of one more unit of input is called?
marginal product of labor (:
If you have Marginal Cost and Marginal Damages how do you find the optimal level of output?
The optimal level of output is where marginal costs = marginal damages.
How marginal revenue and marginal cost can help set the most profitable output level?
A way to find the best level of output is to find the output level where marginal revenue is equal to marginal cost.
What would cause marginal costs to increase?
By definition marginal cost is the change in total costs for each additional item produced. Marginal costs will decrease when changes in inputs result in costs increasing at a decreasing rate. An example might be gains in productivity when hiring an additional unit of labor results in a more than proportional increase in output. Marginal costs would increase when an additional unit of an input results in a less than proportional increase in output (assuming input prices are constant).
What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
When total output is maximized marginal output is?
Negative
What is marginal output?
The change in total output, when one more input is added/deducted. If Total Product of current period 'n', then the Marginal Product [Marginal Output]= Tn - Tn-1. It is the marginal change in the total output when one unit of input say labour or capital is added.
What is marginal profit?
In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
What should a monopoly do if marginal revenue exceeds marginal cost?
increase output
