marginal physical product

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Fig. 118 Marginal physical product.

marginal physical product

the quantity of OUTPUT in the SHORT-RUN theory of supply produced by each extra unit of VARIABLE-FACTOR INPUT (in conjunction with a given amount of FIXED-FACTOR INPUT). The marginal physical-product curve, as shown in Fig. 118, rises steeply at first, reflecting increasing returns to the variable-factor input, but then falls as DIMINISHING RETURNS to the variable-factor input set in. See RETURNS TO THE VARIABLE-FACTOR INPUT, ISOQUANT MAP.
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16 for each dollar of installed new infrastructurewhat economists would call the marginal product of public capital.
Previous research has indicated that through a sequence of such marginal product reformulations, it may be possible to undertake more substantial changes in food products' nutritional characteristics, and still maintain consumers' acceptance of the products.
The innovative tendencies of the young tend to raise the marginal product of capital and the real interest rate.
Our framework implies an arbitrage relationship that links the risk-free real interest rate to the marginal product of capital, or MPK (the additional output from an extra unit of physical capital, such as machinery); the depreciation rate of capital; and the risk premium (which captures the riskiness of a capital investment).
Since profit maximization entails that marginal productivity of labor is equal to the real wage rate and marginal product of capital is the price per unit of capital, it would imply that:
This says that the values of the marginal product of labor ([MPL.
Corruption, Growth and Taxation," Theoretical Economics Letters, 2(1): 62-66, develop a theoretical model to underpin the passive understanding that, corruption lowers the marginal product of capital; hence, the growth of the economy.
Complements tend to increase one another's marginal product, while substitutes tend to decrease the other's marginal product, so that two inputs may be said to be net complements or net substitutes depending on their net effect on one another's marginal product.
whether pension freezes are bringing employee compensation more in line with their marginal product or moving it further away.
In "An improved measure of interindustry pay differentials" (Journal of Economic and Social Measurement, 2013), Gittleman and Pierce assert that using a compensation dataset is clearly preferable to using one with wages only, given that compensation measures the actual willingness of companies to pay and is what, in competitive labor market models, is being equated to the value of marginal product.
This property of the optimum is underlined by Pitchford 1974: at the optimum the average product of labour equals the marginal product of labour).
The aim of this study is to determine the pricing of water resources used in the production of dates, based on the estimated production function and the derivative functions of marginal product and the marginal water resources return.

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