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Marginal Product Of Labor

Published on Nov 19, 2015

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PRESENTATION OUTLINE

1.

MPoL

  • The change in output from hiring one additional unit of labor
2.

MPoL CHART

  • A chart of how MPL and how it works
3.

EQUATION FOR MPL

  • MC = ∆VC∕∆q; ∆VC = w∆L; ∆L∕∆q the change in quantity of labor to affect a one unit change in output = 1∕MPL. Therefore MC = w ∕ MPL
  • MP(L) = q/L
4.

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