Marginal product of capital
Marginal product of capital (MPK) is the amount of extra output produced when the capital input is increased by one unit. *Marginal product of labor (MPL). The amount of extra output produced when the labor input is increased by one unit.
Definition
According to Macroeconomics by Mankiw (7th edition),
- Marginal product of capital (MPK). The amount of extra output produced when the capital input is increased by one unit. *Marginal product of labor (MPL). The amount of extra output produced when the labor input is increased by one unit.