Question : ________ of an input is defined as the change in output per unit of change in the input when all other inputs are held constant.
Option 1: Marginal product
Option 2: Production function
Option 3: Total product
Option 4: Average product
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Correct Answer: Marginal product
Solution : The correct answer is Marginal product .
It measures how many units of a particular input, such as labour or capital, contribute to total output or production in a certain period if all other factors remain static. The marginal product of an input may be used to calculate how much output a company can create by increasing the amount of that input. It may also be used to assess a company's ideal amount of output. An input's marginal product might alter with time.
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Question : ____ is defined as the output per unit of variable input.
Question : Production function explains the relationship between:
Question : When the average product of an input is at its maximum then:
(AP = Average product)
(MP = Marginal product)
Question : Equilibrium out is determined by:
Question : If the total product is at its maximum then:
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