Asked by
Marcus Joseph
on Nov 04, 2024Verified
Assume the total product of two workers is 160 and the total product of three workers is 180. The three worker's average product is ________ while the third worker's marginal product is ________.
A) 20; 60
B) 60; 20
C) 20; 26.67
D) 320; 540
Average Product
The output produced per unit of input used, typically calculated by dividing total product by the quantity of input.
Marginal Product
The additional output gained by employing one more unit of a particular input, keeping other inputs constant.
- Calculate marginal and average products of labor from given data.
Verified Answer
TM
Learning Objectives
- Calculate marginal and average products of labor from given data.