What is marginal product, and what is meant by diminishing marginal product?

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Principles Of Microeconomics

ISBN: 9780357133484

9th Edition

Authors: N Gregory Mankiw

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Question Posted: Jan 27, 2024 11:00 PM

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What is marginal product, and what is meant by diminishing marginal product?

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Marginal Product MP refers to the additional output that a firm can produce by employing one more unit of input while keeping other inputs constant It...View the full answer

Principles Of Microeconomics

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