Total, Average, and Marginal Product of Labor_CFA考试视频

Total,Average,Q:The aggregate sum of production for a firm during a time period. Usually:gathers the following information about the firm’s[PracticeMP = ΔTPΔL = 510 – 3203 – 2 = 1901 = 190.

Total Product of Labor (TPL) refers to the total output produced by a certain number of labor units. It is calculated by multiplying the number of labor units by the average output produced by each unit of labor.

TPL = L × APL

Where L is the number of labor units and APL is the average product of labor.

Average Product of Labor (APL) refers to the average output produced by each unit of labor. It is calculated by dividing the total output produced by the number of labor units.

APL = TPL / L

Where TPL is the total product of labor and L is the number of labor units.

Marginal Product of Labor (MPL) refers to the additional output produced by adding one more unit of labor while keeping all other inputs constant. It is calculated by finding the difference between the total output produced with one more unit of labor and the total output produced without that unit of labor.

MPL = ∆TPL / ∆L

Where ∆TPL is the change in total product of labor and ∆L is the change in the number of labor units.