In economics, the marginal product of labor (MPL) is the change in output that results from employing an added unit of labor.
Read more about Marginal Product Of Labor: Definition, Examples, MPL and MC, Relation Between MPL and APL, The Law of Diminishing Marginal Returns, MPL, MRPL and Profit Maximization, Marginal Productivity Ethics
Famous quotes containing the words marginal, product and/or labor:
“Most works of art are effectively treated as commodities and most artists, even when they justly claim quite other intentions, are effectively treated as a category of independent craftsmen or skilled workers producing a certain kind of marginal commodity.”
—Raymond Williams (1921–1988)
“The guys who fear becoming fathers don’t understand that fathering is not something perfect men do, but something that perfects the man. The end product of child raising is not the child but the parent.”
—Frank Pittman (20th century)
“Labor is prior to, and independent of, capital. Capital is only the fruit of labor, and could never have existed if labor had not first existed. Labor is the superior of capital, and deserves much the higher consideration.”
—Abraham Lincoln (1809–1865)