The table below shows the quantity of workers and total output for a local pizza parlor.
|Quantity of Workers||Total Output|
What is the marginal product of the fifth worker? Answer must be a whole number. Show your complete solution.
Marginal Product of Labor:
The marginal product of labor is the change in the total output realised when a firm hires an additional unit of a worker. The marginal product of labor diminishes as the firm hires more and more units of labor or workers.
Answer and Explanation:
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fromChapter 3 / Lesson 49
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.