The table below presents estimates of the maximum levels of output possible with various...

Question:

The table below presents estimates of the maximum levels of output possible with various quantities of labor input. Assume that a unit of output sells for $10.

Labor (L) Output (Q)
1 10
2 23
3 33
4 41
5 44

What is the marginal product of labor when {eq}L = 3 {/eq}?

Supply Level:

The supply level in a particular production function is depending on the marginal product of the labor and the productivity of the resources employed. An increase in the marginal productivity would lead to an increase in the production level with per unit of input employed.

Answer and Explanation: 1

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Consider that 3 unit of labor is employed. The marginal product of labor will be equal to the marginal product of output. It means the change in...

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Market Supply Schedule

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Chapter 3 / Lesson 2
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Learn the supply schedule definition and understand how the market supply schedule works. Compare the demand and supply schedule and see supply schedule examples.


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