Jul 28, 2017

The Concept of Marginal Productivity and its Application

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The Concept of Marginal Productivity and its Application


Hi: I need this ASAP. Need to define what the concept of marginal productivity is, while applying it to examples and applications. Thanks

The Concept of Marginal Productivity and its ApplicationNameInstitutionMarginal ProductivityThe concept of marginal productivity refers to the additional or extra output that a business gains by increasing labor by one unit, for example hiring one more worker (Farrell, 2013). In simple terms, therefore, marginal productivity is the extra rewards realized when a single unit of labor is added into the production process, while all other factors of production such as capital and land remains the same. To better explain this concept, let us consider productivity at a brick laying company. In an 8-hour shift, 4 workers make 400 blocks. The company hires one more worker, and the number of bricks made in 8 hours increases to 600. In this case, the marginal productivity of hiring an extra worker is 200 (the new output less the initial output; 600-400). So, if the company’s technolo...

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