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प्रश्न
Define marginal product.
उत्तर
Marginal Product (MP) is the additional output attributed to an additional unit of the variable factor, other factors remaining constant. For example, if there is an increase in the output with more labour (1 unit), then
MPn = TPn - TPn-1
where
MPn = Marginal product of the nth unit of labour
TPn = Total product produced with n units of labour
TPn-1 = Total product produced with (n - 1) unit of labour
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संबंधित प्रश्न
State the behaviour of marginal product when only one input is increased and other inputs are hold constant.
Give the meaning of producer’s equilibrium. A producer that quantity of his product at which marginal cost and marginal revenue are equal. Is he earning maximum profits? Give reason for your answer.
State whether the following statements are true or false. Give reasons for your answer:
(i) When marginal revenue is constant and not equal to zero, then total revenue will also be constant.
State whether the following statements are true or false. Give reasons for your answer:
As soon as marginal cost starts rising, average variable cost also starts rising.
State whether the following statements are true or false. Give reasons for your answer:
Total product always increases whether there is increasing returns or diminishing returns to a factor.
What is the marginal product of an input?
Explain the relationship between the marginal products and the total product of an input.
The following table gives the total product schedule of labour. Find the corresponding average product and marginal product schedules of labour.
|
L |
TPL |
|
0 |
0 |
|
1 |
15 |
|
2 |
35 |
|
3 |
50 |
|
4 |
40 |
|
5 |
48 |
The following table gives the average product schedule of labour. Find the total product and marginal product schedules. It is given that the total product is zero at zero level of labour employment.
|
L |
APL |
|
1 |
2 |
|
2 |
3 |
|
3 |
4 |
|
4 |
4.25 |
|
5 |
4 |
|
6 |
3.5 |
