Use the following to answer questions 1 and 2:
|Number of Workers||Total Product||Product Price|
What is the marginal product of the third worker?
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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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.