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marginal labor

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  • Labor theory of value — The labor theories of value (LTV) are theories in economics according to which the values of commodities are related to the labor needed to produce them.There are many different accounts of labor value, with the common element that the value of… …   Wikipedia

  • Marginal factor cost — (MFC) is a rate expressed in currency units per units of input, such as labor. It is similar but not identical to a wage rate, which is currency units per unit time. For example, the MFC can be the change in total wages divided by the change in… …   Wikipedia

  • Marginal product of capital — (MPK) is the additional output resulting from the use of an additional unit of capital (ceteris paribus assuming all other factors are fixed). It equals 1 divided by the Incremental capital output ratio. It is the partial derivative of the… …   Wikipedia

  • Marginal product of labor — In economics, the marginal product of labor also known as MPL or MPN is the change in output from hiring one additional unit of labor. It is the increase in output added by the last unit of labor.[1] Ceteris paribus that no other inputs to… …   Wikipedia

  • Marginal cost — A typical marginal cost curve with marginal revenue overlaid In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a… …   Wikipedia

  • Marginal revenue productivity theory of wages — The marginal revenue productivity theory of wages, also referred to as the marginal revenue product of labor and the value of the marginal product or VMPL, is the change in total revenue earned by a firm that results from employing one more unit… …   Wikipedia

  • Marginal product — In economics and in particular neoclassical economics, the marginal product or marginal physical product of an input (factor of production) is the extra output that can be produced by using one more unit of the input (for instance, the difference …   Wikipedia

  • Marginal utility — In economics, the marginal utility of a good or service is the utility gained (or lost) from an increase (or decrease) in the consumption of that good or service. Economists sometimes speak of a law of diminishing marginal utility, meaning that… …   Wikipedia

  • Marginal Revenue Product - MRP — The change in revenue that results from the addition of one extra unit when all other factors are kept equal. The marginal revenue product is used in marginal analysis to examine the effect of variable inputs, such as labor, and follows the law… …   Investment dictionary

  • Marginal rate of technical substitution — In economics, the Marginal Rate of Technical Substitution (MRTS) or Technical Rate of Substitution (TRS) is the amount by which the quantity of one input has to be reduced ( − Δx2) when one extra unit of another input is used (Δx1 = 1), so that… …   Wikipedia

  • 2006 Victorian election marginal seats — This article provides winning margin trends on the 20 most marginal seats of the Victorian Legislative Assembly for the 2006 Victorian election to be held on 25 November 2006.Winning marging trends in the table show how once strong seats, such as …   Wikipedia

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