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.
Marginal revenue productMarginal revenue product
The 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 product
Marginal value product.
Marginal propensity to consumeMarginal propensity to consume
The 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 transformation
The increase in output of one good made possible by a one-unit 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 substitution
In 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 propensity
Marginal tax rate
Marginal propensity to import
Marginal propensity to save
marginal tax rate
Marginal efficiency of capital
Marginal value product