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Marginal value product |
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Marginal value productThe value of the marginal product of a factor in an industry; that is, the price of the good produced times the marginal product. Determines factor prices when all markets are competitive.Similar MatchesMarginal costMarginal costThe increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output. MarginalMarginalIncremental. Marginal tax rateMarginal tax rateThe additional tax which someone pays on each £1 increase of his or her taxable income. In the UK the tax bands for 2003-2004 tax year are:10 per cent on the first slice of earnings22 per cent on next slice40 per cent on top sliceUnder the 'progressive' tax system, once someone's earnings take him into the top tax bracket, any extra earnings will be taxed at the top rate. So someone who is in the 40 per cent bracket has a marginal tax rate of 40 per cent. Marginal propensityMarginal propensityThe fraction of a change in income devoted to an activity, such as consumption, importing, or saving. See propensity. 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. Further SuggestionsMarginal efficiency of capitalMarginal rate of substitution Marginal rate of transformation Marginal propensity to save Marginal propensity to import Marginal revenue product Value marginal product Marginal tax rate Marginal revenue Marginal utility Marginal product |
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