1) The following table shows the production function for a firm. Number of workers Average productivity 1 6 2 8 3 9 4 9.25 5 9.30 6 9.32 Which worker represents the first decline in marginal productivity? A- 3rd. B-4th. C-5th D-6th. E- Productivity increases across the range given

Exploring Economics
8th Edition
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:Robert L. Sexton
Chapter11: The Firm: Production And Costs
Section: Chapter Questions
Problem 8P
icon
Related questions
Question

(1) The following table shows the production function for a firm.

Number of workers Average productivity
    1    6
   2   8
  3  9
  4  9.25
  5  9.30
  6  9.32

Which worker represents the first decline in marginal productivity? 

A- 3rd. B-4th.   C-5th   D-6th.   E- Productivity increases across the range given

(2)A company hires workers to develop phone apps. The following table shows the marginal productivity of each worker.

 Number of Workers  Marginal Product
  1    8
  2   9
 3   10
 4   10.5
 5   9.75
 6   9.5

What is the total product of employing the third worker?

A- 1.   B-9.  C-10.  D-27. E-30

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Marginal Product
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
Microeconomics: Principles & Policy
Microeconomics: Principles & Policy
Economics
ISBN:
9781337794992
Author:
William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:
Cengage Learning
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning