[This is part of the series: The Complete Guide To Economics 101.]
What is marginal product?
Marginal Product is the change in output that results from one more unit of input.
Say you manufacture cars, and can produce 100 cars per day.
Marginal product takes one of the inputs to producing cars and asks a question like:
If we hired one more plant employee, how many more cars could we produce each day?
Marginal Product = Change in Ouput / Change in Input