Question

The marginal physical product of labor is a. The output which labor could produce without other factors of production. b. The additional revenue received by the firm by selling the output of one additional worker. c. The amount of extra output that is produced when one extra worker is added and other factors of production are held constant. d. The amount of extra output that is produced when one worker is added and other factors of production are increased proportionally.

Name: Problem 15, Chapter 6: Introduction to agricultural economics
Uploaded: 2020-03-13T19:24:49-08:00
Duration: 1 min 56 s
Channel: Vishal Parmar

   The marginal physical product of labor is
a. The output which labor could produce without other factors of production.
b. The additional revenue received by the firm by selling the output of one additional worker.
c. The amount of extra output that is produced when one extra worker is added and other factors of production are held constant.
d. The amount of extra output that is produced when one worker is added and other factors of production are increased proportionally.

Introduction to agricultural economics

John B. Penson,… 7th Edition

Chapter 6, Problem 15

Instant Answer

Solved by Expert Vishal Parmar

03/13/2020

Step 1

MPPL measures the change in output (or production) that results from employing an additional unit of labor, while keeping all other factors of production constant. Show more…

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The marginal physical product of labor is a. The output which labor could produce without other factors of production. b. The additional revenue received by the firm by selling the output of one additional worker. c. The amount of extra output that is produced when one extra worker is added and other factors of production are held constant. d. The amount of extra output that is produced when one worker is added and other factors of production are increased proportionally.

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Key Concepts

Marginal Physical Product of Labor

This concept refers to the additional output that results from employing one more unit of labor while keeping all other factors of production constant. It is a key measure in production theory that helps firms understand how changes in labor input affect overall production levels.

Ceteris Paribus

This is an assumption used in economic analysis meaning 'all other factors held constant.' It is crucial when evaluating the marginal physical product, as it isolates the effect of changing one input, such as labor, without interference from variations in other inputs.

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