Microeconomics

JenniferK · #1 Oct 13, 2003, 09:16 PM

Hi~ I need help understanding the concept of how marginal cost and marginal product of labor are related. Thank you~!! =)

djocunningham · Jan 27, 2006, 10:56 AM

Marginal cost is the cost of the last unit produced and marginal product of labor is the contribution of the last unit of labor employed in the last unit produced. How they relate depends upon the law of diminishing returns.



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