Asked by Bianca Galvez-Azanon on Jun 08, 2024
Verified
The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product, respectively. Therefore, we can conclude that
A) marginal product of the third worker is 9.
B) the third worker has to work with poorer-quality tools and raw materials.
C) the firm will not want to hire more than three workers.
D) the first worker puts forth more effort than the second and third workers.
Marginal Product
Refers to the additional output resulting from using one more unit of a specific input, holding all other inputs constant.
Total Product
The total output or production by a firm using a given amount of inputs.
Quality Tools
Instruments and techniques used to understand, control, and improve the quality of processes and products.
- Determine and compute the marginal, average, and total products using the provided data.
- Understand the principle and consequences of diminishing marginal returns in the context of production.
Verified Answer
SW
Shannon WilliamsJun 11, 2024
Final Answer :
A
Explanation :
The marginal product of a worker is the additional output produced by adding one more worker, assuming all other inputs remain constant. The third worker's addition of 9 units to total product directly indicates their marginal product is 9, without implying anything about the quality of tools, the firm's hiring intentions, or the effort levels of the workers.
Learning Objectives
- Determine and compute the marginal, average, and total products using the provided data.
- Understand the principle and consequences of diminishing marginal returns in the context of production.
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