ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The additional output produced as a result of employing an additional unit of the variable factor input is called the Marginal Product. Thus, we can say that marginal product is the addition to Total Product when an extra factor input is used.

Detailed explanation-2: -Answer and Explanation: The correct option is b) Marginal product (MP) is the change in total product made possible by the addition of one (1) more unit of a variable input. The marginal product is the extra output produced by the producer by adding one more unit of the variable input.

Detailed explanation-3: -Marginal productivity or marginal product refers to the extra output, return, or profit yielded per unit by advantages from production inputs. Inputs can include things like labor and raw materials.

Detailed explanation-4: -Marginal revenue product (MRP) explains the additional revenue generated by adding an extra unit of production resource. It is an important concept for determining the demand for inputs of production and examining the optimal quantity of a resource.

Detailed explanation-5: -As production increases, total variable costs increase at a decreasing rate, since the marginal product for each additional worker is increasing.