Pearson eText Economics -- Instant Access (Pearson+)
13th Edition
ISBN: 9780136879459
Author: Michael Parkin
Publisher: PEARSON+
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Question
Chapter 18.2, Problem 1RQ
To determine
The value of marginal product of labor.
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Labour is the beginning and end of production. Explain
Use the table to answer the following questions
Output of labor
Quantity of output
0
0
1
300
2
550
3
700
4
800
5
850
6
890
a. Calculate the value of the marginal product of labor of the 3rd worker
b.
What economic factor explain the marginal product and average product of labour curve
Chapter 18 Solutions
Pearson eText Economics -- Instant Access (Pearson+)
Ch. 18.1 - Prob. 1RQCh. 18.1 - Prob. 2RQCh. 18.1 - Prob. 3RQCh. 18.2 - Prob. 1RQCh. 18.2 - Prob. 2RQCh. 18.2 - Prob. 3RQCh. 18.2 - Prob. 4RQCh. 18.3 - Prob. 1RQCh. 18.3 - Prob. 2RQCh. 18.3 - Prob. 3RQ
Ch. 18.3 - Prob. 4RQCh. 18.3 - Prob. 5RQCh. 18.3 - Prob. 6RQCh. 18.4 - Prob. 1RQCh. 18.4 - Prob. 2RQCh. 18.4 - Prob. 3RQCh. 18.4 - Prob. 4RQCh. 18.4 - Prob. 5RQCh. 18 - Prob. 1SPACh. 18 - Prob. 2SPACh. 18 - Prob. 3SPACh. 18 - Prob. 4SPACh. 18 - Prob. 5SPACh. 18 - Prob. 6SPACh. 18 - Prob. 7SPACh. 18 - Prob. 8SPACh. 18 - Prob. 9SPACh. 18 - Prob. 10SPACh. 18 - Prob. 11APACh. 18 - Prob. 12APACh. 18 - Prob. 13APACh. 18 - Prob. 14APACh. 18 - Prob. 15APACh. 18 - Prob. 16APACh. 18 - Prob. 17APACh. 18 - Prob. 18APACh. 18 - Prob. 19APACh. 18 - Prob. 20APACh. 18 - Prob. 21APACh. 18 - Prob. 22APACh. 18 - Prob. 23APACh. 18 - Prob. 24APACh. 18 - Prob. 25APACh. 18 - Prob. 26APACh. 18 - Prob. 27APA
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- If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, what is the average product of 12 workers?arrow_forwardHow does labor influence marginal product? There's the saying "the more the merrier," but is this always the case? Can you think of a scenario in which too much labor would decrease output? Share personal experiences where additional labor either helped or hurt productivity.arrow_forwardSelect all that apply A production function can include many inputs. Which of the following are the most commonly used inputs? Land Capital Entrepreneurship Technology Laborarrow_forward
- When a firm experiences diminishing marginal product, what is the shape of the curve that represents the value of the marginal product of labor? Select one: a. upward sloping b. downward sloping c. vertical d. U-shapedarrow_forwardThe marginal product of labour tells us A. which employee is the most productive. B. the average output produced by each employee. C. the additional output produced by the last employee hired. D. how much money the firm can make from hiring each employee.arrow_forwardHow would you calculate average product? How would you calculate marginal product?arrow_forward
- The amount of fish caught per week on a trawler is a function of the crew size assigned to operate the boat. The following table shows the total and marginal products of labor for a trawler. Crew Size (L) (No. of Workers) Amount of Fish Caught per Week ( Q) (Hundreds of Lbs) Marginal Product ( MPL) (Hundreds of Lbs) 5 15 10 30 15 55 25 80 25 95 15 105 10 110 5 10 110 11 105 -5 12 95 -10 Suppose the owner of the trawler can sell all the fish caught for $75 per 100 pounds and can hire as many crew members as desired by paying them $1,125 per week. Assuming that the owner of the trawler is interested in maximizing profits, what is the optimal crew size? workers |2 3 4 5 67 8 9을arrow_forwardwhat is the marginal product?arrow_forwardAll we know what is labour but i want to know something new that is j wana know about the peculiarities of the labour. Can you explain please. Thanksarrow_forward
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