A firm can produce 1,000 bushels of wheat per year with two workers or 1,300 bushels of wheat per year with four workers. The ma

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2 years ago

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rginal product of the 4th worker is _____ bushels. {Hint: Find the formula for MP.]

1 answer:

WINSTONCH [101] · Answer 1 · 2023-09-03T00:37:54+03:00

The marginal product of the fourth worker is 150 bushels of wheat.

<h3>What is the marginal product?</h3>

Marginal product is the change in the total product of labour when labour is increased by one unit.

Marginal product = change in output / change in labour

change in output = 1300 - 1000 = 300

change in labour = 4 - 2 = 2

300 / 2 = 150

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