# Use the following to answer questions 1 and 2 Number of Workers Total Product Product Price 0 0 5...

## Question:

Use the following to answer questions 1 and 2:

Number of Workers | Total Product | Product Price |
---|---|---|

0 | 0 | $5.00 |

1 | 10 | $4.75 |

2 | 18 | $4.25 |

3 | 26 | $3.75 |

What is the marginal product of the third worker?

a. 10

b. 9

c. 8

d. 7

## Marginal Product of Labor

Marginal Product of Labor is the additional output produced by the additional unit of labor. For example, if 5 workers produce 20 units and 6 workers produce 25 units, the 6th worker produced 5 additional units. Therefore, the marginal product of labor of the the sixth worker is 5.

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Chapter 3 / Lesson 49Understand 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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