Asked by Earl Jeane Salazar on May 26, 2024
Verified
Answer the question on the basis of the following information.A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired;32 when two workers are hired;37 when three are hired;and 40 when four are hired.The farmer's product sells for $3 per unit and the wage rate is $13 per worker. Refer to the given information.The marginal product of the second worker is:
A) 24.
B) 8.
C) 5.
D) 1.
Marginal Product
The additional output that is produced by adding one more unit of a specific input, like labor.
Wage Rate
The standard amount of pay given for work performed, typically expressed as an amount per hour or per task completed.
Total Product
The total quantity of output produced by a firm with a given amount of input.
- Compute the marginal product and the marginal resource cost from provided data.
Verified Answer
RJ
ruixin jiangMay 28, 2024
Final Answer :
B
Explanation :
To calculate the marginal product of the second worker, we need to find the additional output produced when the second worker is hired.
Marginal product of the second worker = Total product with two workers - Total product with one worker
= 32 - 24
= 8 units
Therefore, the answer is B) 8.
Marginal product of the second worker = Total product with two workers - Total product with one worker
= 32 - 24
= 8 units
Therefore, the answer is B) 8.
Learning Objectives
- Compute the marginal product and the marginal resource cost from provided data.
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