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You are here: Home / Potpourri / Economics 101: Marginal Product

Economics 101: Marginal Product

Economics 101: Marginal Product

[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.

For example:

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?

Formally:

Marginal Product =  Change in Ouput / Change in Input

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Filed Under: PotpourriTagged With: #Economics101

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