Value marginal product

 

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Value marginal product

Marginal value product.



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Marginal value product

Marginal value product

The 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.


Marginal rate of substitution

Marginal 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.


Marginal propensity to import

Marginal propensity to import

The fraction of a change in income (or perhaps disposable income) spent on imports. Contrasts with average propensity to import.


Marginal cost

Marginal cost

The increase in cost that accompanies a unit increase in output; the partial derivative of the cost function with respect to output.


Marginal rate of transformation

Marginal 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.


Further Suggestions

Marginal propensity
Marginal tax rate
Marginal propensity to save
Marginal product
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Marginal revenue
Marginal revenue product
Marginal efficiency of capital
Marginal propensity to consume
Marginal utility
marginal tax rate


 
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