<Dd> ∂ Y ∂ L . (\ displaystyle (\ frac (\ partial Y) (\ partial L)).) </Dd> <P> Graphically, the MP is the slope of the production function . </P> <P> There is a factory which produces toys . When there are no workers in the factory, no toys are produced . When there is one worker in the factory, six toys are produced per hour . When there are two workers in the factory, eleven toys are produced per hour . There is a marginal product of labor of five when there are two workers in the factory compared to one . When the marginal product of labor is increasing, this is called increasing marginal returns . However, as the number of workers increases, the marginal product of labor may not increase indefinitely . When not scaled properly, the marginal product of labor may go down when the number of employees goes up, creating a situation known as diminishing marginal returns . When the marginal product of labor becomes negative, it is known as negative marginal returns . </P> <P> The marginal product of labor is directly related to costs of production . Costs are divided between fixed and variable costs . Fixed costs are costs that relate to the fixed input, capital, or rK, where r is the rental cost of capital and K is the quantity of capital . Variable costs (VC) are the costs of the variable input, labor, or wL, where w is the wage rate and L is the amount of labor employed . Thus, VC = wL . Marginal cost (MC) is the change in total cost per unit change in output or ∆ C / ∆ Q. In the short run, production can be varied only by changing the variable input . Thus only variable costs change as output increases: ∆ C = ∆ VC = ∆ (wL). Marginal cost is ∆ (Lw) / ∆ Q. Now, ∆ L / ∆ Q is the reciprocal of the marginal product of labor (∆ Q / ∆ L). Therefore, marginal cost is simply the wage rate w divided by the marginal product of labor </P>

How does the marginal product of labor change as more workers are hired
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