Marginal product 


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Marginal productIn a production function, the marginal product of a factor is the increase in output due to a unit increase in the input of the factor; that is, the partial derivative of the production function with respect to the factor. In a competitive equilibrium, the equilibrium price of any factor is its marginal value product in every sector where it is employed.Similar MatchesMarginal revenue productMarginal revenue productThe additional revenue generated by the extra output from employing one more unit of a factor of production. In a competitive industry this equals the marginal value product, but with imperfect competition it is smaller, due to the implied price reduction. Determines factor prices in competitive factor markets. Value marginal productValue marginal productMarginal value product. Marginal propensity to consumeMarginal propensity to consumeThe fraction of a change in income (or perhaps disposable income) spent on consumption. Contrasts with average propensity to consume. Marginal rate of transformationMarginal rate of transformationThe increase in output of one good made possible by a oneunit decrease in the output of another, given the technology and factor endowments of a country; thus the absolute value of the slope of the transformation curve. Marginal rate of substitutionMarginal rate of substitutionIn a production function or a utility function, the ratio at which one argument (input) substitutes for another along an isoquant or indifference curve. Further SuggestionsMarginal propensityMarginal Marginal utility Marginal tax rate Marginal propensity to import Marginal propensity to save marginal tax rate Marginal efficiency of capital Marginal revenue Marginal cost Marginal value product 
