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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 tax rateMarginal tax rateThe tax rate that would have to be paid on any additional dollars of taxable income earned. Marginal rate of transformationMarginal rate of transformationThe 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 utilityMarginal utilityThe change in total satisfaction as a result of consuming one additional unit of a specific good or service. 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 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 revenue productMarginal rate of substitution Marginal propensity to import Marginal efficiency of capital Value marginal product Marginal product Marginal cost Marginal revenue Marginal propensity Marginal Marginal propensity to save |
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