If the marginal product of labor is rising, is the marginal cost of production rising or falling? Briefly explain.
Marginal cost is the cost, which is recorded when an extra unit of output is produced. It is the cost of producing an additional unit of production output. It can be calculated by subtracting the total cost at the previous unit from the total cost at the current production unit.
Answer and Explanation: 1
The marginal product of labor is basically the capacity of labor to produce an additional unit of output, and the marginal cost of production is the...
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fromChapter 3 / Lesson 12
What is marginal cost? Learn how to calculate marginal cost with the marginal cost formula. See the definition, behavior, and marginal cost examples.