WAEC Economics 2021 Paper

Concept:It relates to the additional output generated when one more unit of a variable input, like labour, is used in production.Explanation:Marginal product measures the change in total output caused by adding one extra unit of an input.It is also called the additional or extra output attributable to the last unit of input.Mathematically, marginal product is written as $MP = \frac{\Delta TP}{\Delta L}$, where $\Delta TP$ is the change in total product and $\Delta L$ is the change in input quantity.This is different from average product, which gives output per unit of input, and utility, which relates to satisfaction rather than physical output.The phrase "output of an extra unit of an input" exactly describes the marginal product of that input.Answer:The correct answer is B. Marginal product of the input.