How do we measure the marginal physical product of a variable factor of production?
and why does it eventually begin to diminish; is this a universal phenomenon?
Asked By: froggie_2382001 - 6/27/2007
Best Answer - Chosen by Asker
In his discussions of the Law of Diminishing Returns, Malthus did not distinguish between average and marginal productivity. However, in modern economics, we think of diminishing returns primarily in terms of marginal, not average, productivity. Thus, we would state the law this way... More
Answered By: drbsen - 6/29/2007
Additional Answers (1)
Imagine a simple thought experiment. Hold all the inputs of your business but one constant, say labor. Now, add a unit of labor, and see how much output you get. Keep adding units of labor, from say 1 to 10, and record how much output you get , say 8 to 1000, whatever. Then, generate a column which is the change in... More
Answered By: angelwith4faces - 6/27/2007
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