The change in the total product resulting from a change in a variable input is __________.

average cost

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average product

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marginal cost

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marginal product

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Solution

The correct option is D marginal product
Marginal product is defined as the change in total product due to a change in variable input as in the short run, fixed costs do not change with the level of production. Thus the only extra cost incurred will have to arise solely from variable inputs.
$\frac{Δ T P}{Δ V a r i a b l e i n p u t (L a b o u r)} = M P$

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