5. Given the data below on labor and output in the short run:

L Q

1 10

2 18

3 24

The marginal product of the second worker is:

Question

5. Given the data below on labor and output  in the short run:

L             Q

1              10

2              18

3              24

The marginal product of the second worker is:

BlackTom AI · Accepted Answer

To determine the marginal product of the second worker, we look at how total output changes when the labor input increases from 1 to 2 workers.

Option 1: 10. This value is the total output with one worker, not the additional output from adding the second worker.

Option 2: 18. This is the total output with two workers, not the incremental gain from adding the second worker.

Option 3: 24. This is the total output with three workers, not the incremental increase from the second worker.

Option 4: 8. This represents the change in output when moving from 1 worker to 2 workers: 18 − 10 = 8. This is exactly the marginal product of the second worker.

Therefore, the correct interpretation is that the marginal product of the second worker is 8, since it is the additional output produced by adding the second worker.

25FAL-ECO-8-48630 Quiz 7 [ DUE: SAT 10/18]

5. Given the data below on labor and output in the short run: L Q 1 10 2 18 3 24 The marginal product of the second worker is:

View Explanation

Log in for full answers

Similar Questions

For a firm hiring labor in a perfectly competitive labor market, the marginal revenue product curve slopes downward after some point because as more of a factor is employed, which of the following declines?

Assume that a firm hires an additional employee. If the marginal product for that employee is greater than for the previous employee hired, it must be that

The marginal physical product of the second worker is

Table 13-1 Labor (Number of Workers) Output (Units) Marginal Product (Units) 0 0 – 1 30 2 45 3 60 4 50 5 40 Refer to Table 13-1. What is total output when 1 worker is hired?

Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is

Question at position 2 Locotek produces toy trains and pays each worker $350 per week. Five workers can produce 40 trains per week and six workers can produce 45 trains per week. The marginal product per week of the sixth worker is $350$705 trains42.5 trains7.5 trains

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler