Question

Ralph is a former student in AECN 141. The first exam he scored a 60%, and did not study. The second exam he scored a 75% and studied 1 hour/day. The third exam he scored an 82% and studied 2 hours/day. On the last exam he scored a 83% and studied 3 hours/day. What is the marginal productivity of the first hour of studying

Answer 1

The marginal productivity of the first hour of studying is 15%.

What is Marginal Productivity?

• The additional output, return, or profit generated per unit as a result of benefits from production inputs is referred to as marginal productivity or marginal product.
• Raw materials and labor are examples of inputs. According to the rule of decreasing marginal returns, the marginal productivity will normally decrease as production rises when a production element is improved.
• This indicates that for every extra unit of output produced, the cost advantage often decreases.
• Diminishing marginal productivity is often recognized in its most straightforward form when a single input variable exhibits a drop in input cost.
• For instance, a reduction in labor expenses during the car-manufacturing process would result in slight increases in profitability per vehicle.

Formula for Marginal Productivity = (Qn – Qn-1) / (Ln – Ln-1)

The total product value is divided by the difference in labor to determine the marginal product of labor.

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