Marginal products flashcards

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what is marginal cost? Marginal cost is the change in the total cost resulting from a one-unit change in output
How is marginal cost calculated? Marginal cost is calculated as the increase in total cost divided by the increase in output
why will marginal cost increase as output increases? As output increases marginal cost will eventually increase because of the law of diminishing returns
what is the marginal product of labor? The marginal product of labor is the change in output resulting from one unit increase in labor, or it is the increase in total product from a one unit increase in the quantity of labor, while holding the quantity of capital constant

what is marginal cost?

How is marginal cost calculated?

why will marginal cost increase as output increases?

what is the marginal product of labor?

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