Question

The first, second, and third workers employed by a firm add 24, 18, and 9 units to total product, respectively. Therefore, we can conclude that Multiple Choice marginal product of the third worker is 9. the third worker has to work with poorer-quality tools and raw materials. the firm will not want to hire more than three workers. the first worker puts forth more effort than the second and third workers.

Answer 1

Answer:

Therefore, we can conclude that:

the marginal product of the third worker is 9.

Explanation:

a) Data and Calculations:

The productivity of first worker = 24

Increase in productivity from second worker = 18

Increase in productivity from third worker = 9

b) The marginal product or productivity of a worker shows the increase in productivity as a result of hiring an additional worker.  To obtain the marginal product, we first calculate the change in output as a result of the change in the input of the particular resource.  Then, this change in output is the marginal product.