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 ...

Firms usually decide how many workers to employ based on how much income each worker generates for the company after deducting employment expenses. Managers estimate how much income workers generate ...

Learn how the Marginal Rate of Technical Substitution (MRTS) allows firms to optimize production by substituting labor and capital while maintaining output levels.

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Marginal revenue product (MRP), also known ...

This is a preview. Log in through your library . Journal Information The American Economic Review is a general-interest economics journal. Established in 1911, the AER is among the nation's oldest and ...