If the Marginal Product of Labor is greater than the Average Product of Labor, is the Average...
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If the Marginal Product of Labor is greater than the Average Product of Labor, is the Average Product of Labor rising, falling, or at its minimum?
Marginal Product of Labor:
Marginal product of labor is a concept in economics that measures the extra output that could be produced by adding an additional unit of labor input into production, holding all other factors of production constant. The marginal product of labor is usually assumed to be declining as more labor input is used.
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View this answerThe average product of labor will be rising.
The marginal product of labor measures the increased output generated by the last unit of labor, while...
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Marginal Product of Labor: Definition, Formula & Example
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Chapter 3 / Lesson 49
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Understand the meaning of marginal product of labor. Learn the marginal product of labor (MPL) formula, its significance, and how to calculate MPL with examples.
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