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

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

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Marginal Product of Labor

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