Asked by
Secret Records
on Nov 04, 2024
Verified
The formula Δq/ΔL represents
A) total product.
B) the average product of labor.
C) the capital-to-labor ratio.
D) the marginal product of labor.
Δq/ΔL
The change in quantity produced per unit change in labor, often related to the marginal product of labor.
Marginal Product
The additional output generated by employing one more unit of a particular input, holding other inputs constant.
- Gain insight into the notions of marginal and average products of labor and their relevance to labor productivity.
Verified Answer
EE
Learning Objectives
- Gain insight into the notions of marginal and average products of labor and their relevance to labor productivity.