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. The Value of the Marginal Product of any input is equal to the Marginal Product of that input multiplied by the a. Wage b. Marginal cost of the output Change in total profit d. Market price of the output

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DevanshChh

d. Market price of the output. Calculating the Value of Marginal Product requires multiplying the marginal physical product by either the average revenue or the product's price. VMP is calculated using the following more straightforward formula: Physical Product x Sales Price of the Product.

What is Value of the Marginal Product?

The change in output caused by a unit or infinitesimal change in the quantity of a production factor, while leaving all other input consumption in the production process constant, is commonly characterized as the marginal product of that factor. A factory exists that makes toys. Toys cannot be created in a factory if there are no employees. Six toys are created in an hour in the factory with one employee. Eleven toys are created per hour in the factory with two employees. When there are two workers in the plant as opposed to one, there is a marginal product of labor of five. The term "growing marginal returns" refers to the marginal product of work.

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