The Marginal Product Generated by an Additional Unit of Input

question 30

Multiple Choice

The marginal product generated by an additional unit of input multiplied by the price of the output gives us the:

• A)value of the marginal product.
• B)marginal input profit.
• C)production function.
• D)production price.

---

Definitions:

Standard Errors

A statistical term that describes the estimated standard deviation of a sampling distribution of a statistic, often used in hypothesis testing.

Sample Means

The average value derived from a subset of a larger population, used as an estimate of the overall population mean in statistical analysis.

Subjective Sampling

A sampling technique where the samples are selected based on the judgment of the researcher, rather than using random selection methods.

Judgment Sampling

A non-probability sampling technique where the researcher selects units to be sampled based on their knowledge and professional judgment.