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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Define marginal product of labor and value of the marginal product of labor. • Describe how a competitive, profit-maximizing firm decides how many workers to hire.

To determine
Define marginal product of labor and value of marginal product of labor.

Explanation

The marginal product of labor (MPL) is the changes in total output that result from employing an additional unit of labor during the production process. In other words, it is the changes in output per unit changes in labor which is symbolically expressed as follows:

MPL=Out putpresentOut putpreviousLaborpresent

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