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The marginal product of labor is the change in _____; and the marginal cost is the change in _____
The marginal product of labor is the change in _____; and the marginal cost is the change in _____.
A) average product from employing one more worker; average cost from employing one more worker
B) total revenue from employing one more worker; total cost from employing one more worker
C) total output from employing one more unit of capital; total cost from employing one more unit of capital
D) total cost from employing one more worker; total cost from producing one more unit of output
E) total output from employing one more worker; total cost from producing one more unit of output
Expert Solution
Answer: E
The world marginal simply measures the change in whatever is being described by increasing inputs by one unit. Marginal cost thus measures the change to total cost by increasing output by one unit. This is because we measure total cost by the level of output. Marginal product of labor measures the change in output by increasing labor by one unit (additional worker). This is because we measure "product of labor" as output at each input level of workers.
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