Define the Marginal Product of a factor. – InterviewSolution

1.	Define the Marginal Product of a factor.
Answer» Marginal product is the addition made to the total product when one more unit of the variable input is employed. MP = TP (n)-TP (n- 1) (OR) Marginal product is the ratio of the change in the total product to the change in the units of input. MP = ∆TP / ∆N

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