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What is the marginal product?
The marginal product of an input is the extra quantity of output which is generated by using one more unit of which input.
Marginal product of labor = Change in quantity of output/Change in quantity of labor = Change in quantity of output produced by one additional unit of labor.
MPL = ΔQ/ ΔL
:- Consider a closed capitalist economy in which all productions is undertaken by100 firms and wages and profits are theonly 2 categories of incomes. Assume further that all wages
What are the comparative benefit The idea of comparative benefit defines that a nation must specialise in the industries in which it has a comparative advantage. Comparative be
# ???? .. difference between gdp at market price and nnp at factor cost
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