Tag Archives: labor

Note that the change in output is not restricted to that immediately attributable to the extra employee. When manufacturing is discrete, we can define the marginal product of labor as ΔY/ΔL. The marginal product of labor just isn’t all the time equivalent to the output directly produced by that added unit of labor. Given the worth of labor is $20 and the price of capital is $40, determine the fee minimizing combination to provide 72 items of output and the respective whole cost. shift leftward. shift rightward. shift upward. remain […]