Question
the formula value of marginal production function of labor
Answers
GPT 3.5
The value of the marginal product of labor (VMPL) is calculated using the following formula:
VMPL = ∆Q / ∆L
where VMPL is the value of the marginal product of labor,
∆Q is the change in output or production level, and
∆L is the change in the quantity of labor employed.
In other words, the VMPL measures the additional output generated by hiring one additional unit of labor.
VMPL = ∆Q / ∆L
where VMPL is the value of the marginal product of labor,
∆Q is the change in output or production level, and
∆L is the change in the quantity of labor employed.
In other words, the VMPL measures the additional output generated by hiring one additional unit of labor.