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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
Determination of L in the cross model As firms will produce less than Y OPT , they require less labor than L OPT . We can determine exactly how much L they need in order to pro
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How to get the Euler equation?
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