A farm can produce 1,000 bushels of wheat per year with two workers and 1,300 bushels of wheat per year with three workers.The marginal product of the third worker is _____ bushels.

A) 100
B) 300
C) 1,300
D) 2,300

Question

Czaria Niles · Accepted Answer

Final Answer : B, Explanation :  The marginal product of a worker is the increase in total output resulting from a one-unit increase in labor input, while holding all other inputs constant.Therefore, the marginal product of the third worker can be calculated as follows:Marginal product of third worker = Total output with 3 workers - Total output with 2 workers= 1,300 bushels - 1,000 bushels= 300 bushelsThus, the best choice is (B) 300 as this is the marginal product of the third worker.

A farm can produce 1,000 bushels of wheat per year with two workers and 1,300 bushels of wheat per year with three workers.The marginal product of the third worker is _____ bushels.

A) 100
B) 300
C) 1,300
D) 2,300

Definitions

Learning Objectives

Learning Objectives

Related questions

A farm can produce 1,000 bushels of wheat per year with two workers and 1,300 bushels of wheat per year with three workers.The marginal product of the third worker is _____ bushels.A) 100B) 300C) 1,300D) 2,300

Definitions

Learning Objectives

Learning Objectives

Related questions

A farm can produce 1,000 bushels of wheat per year with two workers and 1,300 bushels of wheat per year with three workers.The marginal product of the third worker is _____ bushels.

A) 100
B) 300
C) 1,300
D) 2,300