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

Question

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

BlackTom AI · Accepted Answer

To begin, let's restate the setup: with five workers, output is 40 trains per week; with six workers, output is 45 trains per week.

Option-by-option analysis:
- $350: This figure represents the weekly wage of a worker, not the additional trains produced by the sixth worker. It is not the marginal product, so this choice misinterprets what MP measures.
- $70: This value does not correspond to any standard interpretation of marginal product in this context. It seems to mix monetary units with production units without a price per train, so it is not correct here.
- 5 trains: This is the correct interpretation of the marginal product of the sixth worker. The extra worker increases output from 40 to 45 trains per week, which is an increase of 5 trains. MP = ΔQ/ΔL = (45 − 40) / (6 − 5) = 5 trains per week.
- 42.5 trains: This would be the average output per week if, for example, total output were divided by a number of workers that doesn’t match the change in labor; specifically, 42.5 is not the marginal change resulting from adding the sixth worker, so it’s incorrect here.
- 7.5 trains: This equals the average product per worker when there are six workers (45/6 = 7.5), or the average across some other configuration, but it is not the marginal product of the sixth worker. MP concerns the additional output from the last worker, not the average output per worker.

In summary, the marginal product of the sixth worker is determined by the incremental change in output as you hire one more worker, which is 5 trains per week in this scenario. The other numbers correspond to wages, average product, or misapplied interpretations and do not describe the marginal product of the sixth worker.

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

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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

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?

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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

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:

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