Marginal Product If Jack hires one more worker, his output rises by the marginal product of labor.
{"Image DocumentName": "Marginal ProductIf Jack hires one more worker, his output rises by the marginal product of labor.", "Image ImageDescription": "The marginal product of any input is the increase in output arising from an additional unit of that input, holding all other inputs constant. Notation: \u2206 (delta) = change in\u2026 Examples: \u2206Q = change in output, \u2206L = change in labor. Marginal product of labor (MPL) = \u2206Q. \u2206L. THE COSTS OF PRODUCTION. 11.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}