Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the...

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Number of Total Marginal Workers Output Product 300 500 600 650 4 1) Refer to the above table. Fill in the final column (4 points). 2) Refer to the above table. At which number of workers does diminishing marginal product begin? (3 points) A. 2 B. 1 C. 3 D. 4

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Answer 1

Answer #1

Marginal product is the difference in the two sucessive values of total product that one additional worker produces. Here the values in the table are 300, 200, 100 and 50 found as (300 - 0), (500 - 300), (600 - 500), and (650 - 600)

Diminshing marginal productivity begins as soon as the second worker is hired. This is because marginal product starts falling when N = 2. Hence option A is correct

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Answer 2

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