Definition of Marginal product:
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.
How to use Marginal product in a sentence?
- They defined the success of the new programs by verifying each component and time involved to judge and see if the marginal product was truly of benefit.
- The marginal product was calculated by our team of economists so we were able to map out the per unit costs.
- If you are putting out a marginal product the consumers will know and move on to a better one quickly.
Meaning of Marginal product & Marginal product Definition