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sweetapple718 sweetapple718
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6 months ago

The marginal productivity theory states that



▸

as variable inputs are added to a fixed quantity of other inputs eventually the additional output produced by each additional variable input will decrease.



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inputs will be used most efficiently when the additional output gained from each type of input is exactly the same.



▸

firms in perfectly competitive product and factor markets will pay factors their marginal revenue products.



▸

marginally productive inputs (that is, inputs that are not particularly productive) will not be heavily utilized.

Textbook 
Economics

Economics


Edition: 12th
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crwille78crwille78
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6 months ago
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