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QUANTITY THEORY OF MONEY: A theory that states a given percentage change in the money supply leads to an equal percentage change in nominal gross domestic product. This theory is derived from the equation of exchange and is a cornerstone of the monetarists view of macroeconomics. A key assumption in translating the equation of exchange to the quantity theory of money is that the velocity of money is constant (or unaffected by the other key variables--output, price level, and money supply).

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Lesson 14: Production | Unit 2: Production Measures Page: 8 of 25

Topic: Marginal Product <=PAGE BACK | PAGE NEXT=>

  • A definition of marginal product:

  • Marginal product is the change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged.
  • Marginal product shows how much total product changes when one additional worker is added to the product process.

  • It is found by dividing the change in total product by the change in the variable input and is calculated using this formula:

    marginal product (MP)=change in total product
    change in variable input


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HORIZONTAL MERGER

The consolidation of two or more separately-owned businesses, operating in the same industry and producing competing products, into a single firm. This is one of three types of mergers. The other two are vertical merger--two firms in different stages of the production of one good--and conglomerate merger--two firms in separate, unrelated industries.

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