3. If Marginal Product of Labor is 10 when we have only one unit of labor...
3. If Marginal Product of Labor is 10 when we have only one unit of labor and then we hire one additional unit of labor who produces 20 units of output. What is the Marginal Product of the second person we hire?
Homework Answers
| Labor | Total Product | Marginal Product |
| 1 | A | 10 |
| 2 | 20 | B |
Marginal Product of Labor
Marginal product of labor refers to the change in the total product when additional units of labor are hired.
Marginal Product of Labor = Change in Total Product / Change in Labor
To find a marginal product at 2 units of labor we need total product at 1 unit of labor. Now at 1 unit of labor marginal product of labor is always equal to the total product
Hence the value of A is equal to $10
| Labor | Total Product | Marginal Product |
| 1 | 10 | 10 |
| 2 | 20 | B |
Marginal product of labor at 2 units of labor
Marginal Product of Labor = Change in Total Product / Change in Labor
Marginal Product of Labor = 20 - 10 / 2 - 1
Marginal Product of Labor = 10 / 1
Marginal Product of Labor = 10
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