What Is Marginal Product?
Marginal product refers to the increase in total output caused by the addition of one unit of an input (ie, factors of production) (the number of other inputs remains the same).
Marginal product
discuss
- Chinese name
- Marginal product
- Foreign name
- Marginal product
- Presentation time
- Late 19th century
- proposer
- Clark
- Theorem
- MRP = MP × MR
- Marginal product refers to the increase in total output caused by the addition of one unit of an input (ie, factors of production) (the number of other inputs remains the same).
- The marginal product value of the factor of production should be equal to the product of its price and the marginal physical product.
- The term marginal productivity was pioneered by the American economist Clark at the end of the 19th century and was further used in his analysis of distribution theory. It refers to the increase in the output of each additional unit factor input, that is, the marginal material, with other conditions unchanged. The product (Marginal Physical Product, sometimes referred to as the marginal product MP). The increase in the output generated by adding a unit factor input is called the marginal revenue product (MRP):
MRP = MP × MR
Therefore, the MRP of the variable factor's marginal revenue product depends on two factors: (1) the change in the marginal material product (MP) caused by an increase in the input of a unit of factor;