After employing 4 workers or more – the marginal product (MP) of the worker declines and the marginal cost (MC) starts to rise.
In economics, especially neoclassical economics, the marginal product or physical marginal productivity of input is defined as another unit of a particular input, given that other inputs are held constant. The change in yield that results from using it.
The marginal product of an input such as labor is defined as the additional output produced when a unit of input is added to an existing set of factors of production.
A good example of the marginal product of labor is a restaurant kitchen. 1. If there is no cook, the production of the restaurant is 0. 2.
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