The marginal product of a variable input is
A)Zero at the point of diminishing returns
B)The change in the average product that occurs when the variable input is increased one unit
C)The change in the total product that occurs in response to a unit change in the variable input
D)The second derivative of the total product function

Question

Quizplus · Accepted Answer

The marginal product of a variable input is defined as the change in the total product that occurs in response to a unit change in the variable input. It measures the additional output produced by the last unit of input used. At the point of diminishing returns, the marginal product starts to decrease, but it is not necessarily zero. Therefore, option A is incorrect. Option B is incorrect because the marginal product is not related to the average product. Option D is incorrect because the second derivative of the total product function is the rate of change of the marginal product, not the marginal product itself.

The Marginal Product of a Variable Input Is