Use Table: Employment and Output. In the table, if the price of a bushel of wheat is $10, then the value of the marginal product of the third worker is: Select one: a. $15. b. $510. c. $150. d. $170.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter24: The Aggregate Demand/aggregate Supply Model
Section: Chapter Questions
Problem 46CTQ: Hydraulic fracturing (tracking) has the potential to significantly increase the amount of natural...
icon
Related questions
Question

Table: Employment and Output

Quantity of Labor
(workers)
Quantity of Wheat
(bushels)
Marginal Product of Labor
(bushels per worker)
0 0  
    19
1 19  
    17
2 36  
    15
3 51  
    13
4 64  
    11
5 75  
    9
6 84  
    7
7 91  
    5
8 96  
Reference: Ref 19-4 Table: Employment and Output


(Table: Employment and Output) Use Table: Employment and Output. In the table, if the price of a bushel of wheat is $10, then the value of the marginal product of the third worker is:

Select one:
a. $15.
b. $510.
c. $150.
d. $170.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Technological Changes
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Principles of Microeconomics
Principles of Microeconomics
Economics
ISBN:
9781305156050
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Microeconomics (MindTap Course List)
Principles of Microeconomics (MindTap Course List)
Economics
ISBN:
9781305971493
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics, 7th Edition (MindTap Cou…
Principles of Economics, 7th Edition (MindTap Cou…
Economics
ISBN:
9781285165875
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning