marginal product
Definition
Output that results from one additional unit of a factor of production (such as a labor hour or machine hour), all other factors remaining constant. Whereas the marginal cost indicates the added cost incurred in producing an additional unit of output, marginal product indicates the added output accruing to an additional input. Since marginal product is measured in physical units produced, it is also called marginal physical product.
marginal product is in the Accounting & Auditing and Economics, Politics, & Society subjects.
marginal product appears in the definitions of the following terms: point of diminishing returns, marginal physical product and marginal value product
marginal product appears in these other terms: marginal productivity theory of wages, value of marginal product (VMP), marginal product of labor, marginal productivity theory of income distribution, marginal productivity of capital, diminishing marginal product, marginal productivity
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