Marginal Product
Definition
Extra output produced by one more unit of an input, holding others fixed. Diminishing for variable inputs in the short run.
Example
Marginal product of the 5th worker = total output with 5 workers minus output with 4.
Extra output produced by one more unit of an input, holding others fixed. Diminishing for variable inputs in the short run.
Marginal product of the 5th worker = total output with 5 workers minus output with 4.