The formula to calculate the marginal product is:
\[ \text{MP} = \frac{\text{O}}{\text{I}} \]
Where:
A marginal product is the ratio of the change in output with a corresponding change in input of a good or service. For example, how the output would change with a doubling of the input.
Let's consider an example:
Using the formula to calculate the marginal product:
\[ \text{MP} = \frac{50}{10} = 5 \text{ units} \]
This demonstrates that with a change in output of 50 units and a change in input of 10 units, the marginal product is 5 units. ✅