The marginal product of labor is a variable used in economic theory. This variable quantifies the additional output produced by adding an additional unit of labor. The value of this variable is ...

A company's marginal product of labor is the number of additional products it can produce by hiring one additional worker. A company's marginal revenue product of labor is the amount of additional ...

This is a preview. Log in through your library . Abstract Recessions appear to be times when the marginal rate of substitution between goods and workers’ time falls below the marginal product of labor ...