The table below shows the quantity of workers and total output for a local pizza parlor. If the...
Question:
The table below shows the quantity of workers and total output for a local pizza parlor.
| Quantity of Workers | Total Output |
|---|---|
| 0 | 0 |
| 1 | 3 |
| 2 | - |
| 3 | 17 |
| 4 | 22 |
| 5 | 26 |
| 6 | 24 |
If the marginal product of the second worker is 6, then what is the total number of pizzas produced when 2 workers are hired? Show your complete solution.
Marginal Product:
Marginal product measures the change in the total output realised from increasing an additional unit of one input while holding all the other inputs constant. For example, the marginal product of labor is the change in the total product brought about by hiring one more unit of labor.
Answer and Explanation: 1
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The total output when 2 workers are hired is equal to:
{eq}TP=MP_1+MP_2 {/eq}
Where {eq}MP_1 {/eq} is the marginal product of the first worker...
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Marginal Product of Labor: Definition, Formula & Example
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Chapter 3 / Lesson 49
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Understand the meaning of marginal product of labor. Learn the marginal product of labor (MPL) formula, its significance, and how to calculate MPL with examples.
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