Which of the following terms is a measure of the productivity of labor? A. total product...
Which of the following terms is a measure of the productivity of labor?
A. total product B. average product C. marginal product D. average revenue
Homework Answers
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Answer –
Let us find give the mathematical expressions of the terms given in the question:
Total Product (TP) = total amount of output produced (Q);
Average Product (AP) = TP/L;
Marginal Product (MP) = ∆TP/∆L;
Marginal Revenue (MR) = ∆TR/∆Q.
We see that marginal product of labor is a measure of the productivity of labor because it represents the change in Q that results from hiring one extra unit of labor. MPL thus measures the productivity of the additional unit of labor hired because it measures the incremental unit’s contribution to total product (TP).
So, Option C is the correct answer.
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