Asked by
Ricky Castillo
on Oct 08, 2024Verified
The first,second,and third workers employed by a firm add 24,18,and 9 units to total product respectively.Therefore,we can conclude that:
A) marginal product of the third worker is 9.
B) the third worker has to work with poorer-quality tools and raw materials.
C) the firm will not want to hire more than three workers.
D) the first worker puts forth more effort than the second and third workers.
Marginal Product
The additional output resulting from the use of one more unit of a production input, holding other inputs constant.
Total Product
The overall quantity of output produced by a firm from a given amount of inputs within a certain period.
Quality Tools
Instruments or techniques used to enhance product or service quality through problem-solving, process analysis, and improvement strategies.
- Understand the principle of diminishing returns and its consequences for production processes.
Verified Answer
LM
Learning Objectives
- Understand the principle of diminishing returns and its consequences for production processes.