The Marginal Product of Labor Curve Assignment Help
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Marginal product is an important sect which is considered while estimating the total output that a company is supposed to incur as a result of its ongoing production processes. It can be defined as the factor due to an addition of which the total output of a production process is affected by the introduction of an additional input function. The marginal product of labor curve homework help from myhomeworkhelp.com can clarify doubts faced by students efficiently and help them better their academic performance.
Concepts of the marginal product of labor
- Just like the average product marginal product is also affected by the number of labors employed to finish a task by a particular firm.
- The number of labors appointed is treated as a variable quantity here since it is the firm’s decision on how many workers it finds suitable for completion of a project.
- The marginal product of labor is a derived unit from the physical product plot of the labor. Proper the marginal product of labor curve assignment help can help in these calculations,
- During any level or point of the process appointing workers for a particular project, the marginal product of labor can be determined by estimating the slope of the tangents drawn along the curve of the total product at any given point of worker employment.
- The marginal product is of such a nature that it will alter at a different level of appointment of the concerned function.
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Calculation of the marginal product of labor
The calculation of marginal product requires certain factors to be taken into consideration. Since it is the amount of change that occurs in the output of a manufacturing process due to increase in the labors employed therefore two factors are considered here.
- Increase in the workers appointed L’
- Change observed in the output from the process Q’
Therefore the marginal product of labor or MPL is found to be,
The marginal product of labor = Increase in the workers appointed (L’) / Change observed in the output from the process (Q’).
Nature explained in marginal product of labor curve homework help
- The construction of the marginal product of labor curve needs taking into consideration many factors. The most important two of them is the total product, the number of the workers that are appointed at a given point of time.
- The total product curve, as we know is an inverted-U shaped curve which increases at the initial times but then gradually diminishes with time. The marginal product of labor is obtained by plotting tangent along the inverted-U curve and then by evaluating its slope.
- At the topmost point of the inverted-U curve, the rise of the total product diminishes to zero.
Evaluation of these complex curves should be learned with concentration. Students must consult the marginal product of labor curve assignment help for this from us.
