Table 18-9 The following table shows the production function for a particular business. The numbers represent...
Table 18-9 The following table shows the production function for a particular business. The numbers represent the various labor and output combinations the firm may choose for its output on a daily basis.
Labor Output
0 0
1 70
2 130
3 180
4 220
5 250
What is the marginal product of the third unit of labor? a. 40 units b. 50 units c. 60 units d. 180 units
Homework Answers
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positively...thank you.Solution: Marginal Product of the Third Unit of Labor
Given Data:
| Labor (L) | Output (Q) |
|---|---|
| 2 | 130 |
| 3 | 180 |
Marginal Product (MP) of 3rd Unit of Labor:
Answer:
The marginal product of the third unit of labor is (Option b)
Add Answer to:
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