6.4 : 한계생산물 I

Marginal product refers to the additional output that can be produced using an extra unit of one input. The other input is kept constant.

In the short run, a firm may increase its output by increasing labor while keeping capital constant. The marginal product of labor will then be calculated as the quotient of change in the quantity of output to change in the quantity of labor.

Consider a bakery producing bread with a fixed number of ovens. The marginal product of labor typically follows three stages. Initially, when more workers are added, each additional worker can significantly increase the daily output by efficiently utilizing the ovens.

As more workers are added, the marginal product of labor begins to decrease. Some workers may have to wait to use the ovens, and too many workers can lead to overcrowding, lowering overall efficiency.

This phenomenon, where the additional output declines as more workers are added, is called the law of diminishing marginal returns. It states that as one input is increased while holding other inputs constant, the marginal product of the variable input will eventually decrease.