What is the marginal product of labor? the average output of a unit of labor the total output obtained by using one more unit of labor the average output obtained by using one more unit of labor O the extra output obtained by using one more unit of labor

What is the marginal product of labor? the average output of a unit of labor the total output obtained by using one more unit of labor the average output obtained by using one more unit of labor O the extra output obtained by using one more unit of labor

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 3.7P

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

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What is the marginal product of labor?
the average output of a unit of labor
the total output obtained by using one more unit of labor
the average output obtained by using one more unit of labor
the extra output obtained by using one more unit of labor

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