The expression given below explains: $$\begin{array} { l }
\text { MPL } = \frac { \text { change in quantity of output } Q } { \text { change in quantity of labor } L } \mid K \text { is held constant } \
= \frac { \Delta Q } { \Delta L } \mid K \text { is held constant }
\end{array}$$
A)Product hill
B)Marginal product of labor
C)Non-marginal product
D)Total product

Question

The expression given below explains: $$\begin{array} { l } 
\text { MPL } = \frac { \text { change in quantity of output } Q } { \text { change in quantity of labor } L } \mid K \text { is held constant } \
= \frac { \Delta Q } { \Delta L } \mid K \text { is held constant }
\end{array}$$
A)Product hill
B)Marginal product of labor
C)Non-marginal product
D)Total product

Quizplus · Accepted Answer

The expression is describing the concept of marginal product of labor, which is the change in output resulting from a change in labor input, while holding the level of other inputs constant. The expression given is the formula for the marginal product of labor (MPL), which measures how much output increases for each additional unit of labor input while all other factors of production (in this case, capital K) are held constant. This is a key concept in determining the optimal level of labor input for a given production process.

The Expression Given Below Explains A)Product Hill B)Marginal Product of Labor C)Non-Marginal Product D)Total Product

The Expression Given Below Explains A)Product Hill
B)Marginal Product of Labor
C)Non-Marginal Product
D)Total Product