Explanation Total product is the total output by production activity. Marginal Product is the addition to total product when an extra unit of labor is employed. Marginal Product (MP) is calculated as follows: M P n = T P n − T P n − 1 ⇒ T P n = M P n + T P n − 1 ... ( 1 ) Equation (1) shows how to find TP at n t h labor employment. Using the formula in equation (1), we find out the total product at first level of employment (L=1) as solved for TP 1 : T P n = M P n + T P n − 1 T P 1 = M P 1 + T P 1 − 1 T P</ To determine (b) The worker whose employment makes Willie's water park experience diminishing marginal product. To determine (c) The worker whose employment makes Willie's water park experience diminishing total product.

(a) The total product (TP) column, given the schedule for labor and marginal product.

EXPLORING ECON.-W/ACCESS (LL) >CUSTOM<

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Question

Chapter 11, Problem 4P

To determine

(a)

The total product (TP) column, given the schedule for labor and marginal product.

To determine

(b)

The worker whose employment makes Willie's water park experience diminishing marginal product.

To determine

(c)

The worker whose employment makes Willie's water park experience diminishing total product.

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