Question

The marginal product of any input is thea. increase in total cost associated with a one-unit increase in production.b. change in total output associated with a $1.00 increase in total cost.c. increase in total cost resulting from the hiring of an additional worker.d. increase in total output obtained from one additional unit of that input.

Answer 1

Answer:

D) increase in total output obtained from one additional unit of that input.

Explanation:

Marginal product (or marginal physical product) is the change in total output obtained by adding one additional unit of input. Generally the marginal product is measured for additional labor units, but it can also be measured for additional units of materials or components, and overhead.