Asked by
gilgen gentle
on Nov 04, 2024Verified
Assume the total product of three workers is 120 and the total product of four workers is 160. The average product of four workers is ________, and the marginal product of the fourth worker is ________.
A) 10; 40
B) 30; 10
C) 40; 40
D) 160; 40
Marginal Product
The increase in output resulting from a one-unit increase in the amount of a single input while holding other inputs constant.
Average Product
The total output produced per unit of a factor of production, calculated as total product divided by the quantity of the factor used.
- Execute calculations and provide interpretations for the average and marginal products of labor.
Verified Answer
TA
Learning Objectives
- Execute calculations and provide interpretations for the average and marginal products of labor.