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Marginal physical product can tell a producer a
Marginal physical product can tell a producer
a. at what point to stop adding inputs to the production process.
b. how much profit will be made at each level of production.
c. how much the last input added to the total amount of revenue.
d. how much the last input added to the total amount of production.
e. total cost at a given level of output.
Expert Solution
- The correct option is (d). How much the last input added to the total amount of production.
The production of a product is related to the producer of the product whereas the marginal physical product refers to the addition of last input to the total production of the product. Mathematically, the marginal physical product is the ratio of the change in the total cost and the one-unit change in the input or production factors.
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