Please help me with the following question. The table provides an overview of the production function of gadgets. It presents the following columns:- **L (workers)**: Number of workers employed.- **Q (units)**: Quantity of gadgets produced.- **MPL (units)**: Marginal Product of Labor.- **FC ($)**: Fixed Cost.- **VC ($)**: Variable Cost.- **TC ($)**: Total Cost.- **AFC ($)**: Average Fixed Cost.- **AVC ($)**: Average Variable Cost.- **ATC ($)**: Average Total Cost.- **MC ($)**: Marginal Cost.The data in the table is as follows:1. 0 workers produce 0 units.2. 1 worker produces 400 units.3. 2 workers produce 900 units.4. 3 workers produce 1,500 units.5. 4 workers produce 1,950 units.6. 5 workers produce 2,300 units.7. 6 workers produce 2,600 units.8. 7 workers produce 2,850 units.Below the table is a question:"Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed?"Options:- 400 gadgets- 500 gadgets- 900 gadgets- none of the aboveTo find the marginal product of labor (MPL) for the 2nd worker, calculate the difference in the quantity of units produced by using 2 workers and 1 worker: $900 - 400 = 500$ gadgets. Therefore, the margin is 500 gadgets per worker.

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Description: Please help me with the following question. The table provides an overview of the production function of gadgets. It presents the following columns:- **L (workers)**: Number of workers employed.- **Q (units)**: Quantity of gadgets produced.- **MPL (u

The marginal product of labor denotes the additional output that a firm is able to produce by…

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Economics

Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed?

Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed?

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Chapter1: Making Economics Decisions

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Equilibrium refers to a state of balance that comes about because there is equality in all forces.

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Please help me with the following question.

The table provides an overview of the production function of gadgets. It presents the following columns:

- **L (workers)**: Number of workers employed.
- **Q (units)**: Quantity of gadgets produced.
- **MPL (units)**: Marginal Product of Labor.
- **FC ($)**: Fixed Cost.
- **VC ($)**: Variable Cost.
- **TC ($)**: Total Cost.
- **AFC ($)**: Average Fixed Cost.
- **AVC ($)**: Average Variable Cost.
- **ATC ($)**: Average Total Cost.
- **MC ($)**: Marginal Cost.

The data in the table is as follows:

1. 0 workers produce 0 units.
2. 1 worker produces 400 units.
3. 2 workers produce 900 units.
4. 3 workers produce 1,500 units.
5. 4 workers produce 1,950 units.
6. 5 workers produce 2,300 units.
7. 6 workers produce 2,600 units.
8. 7 workers produce 2,850 units.

Below the table is a question:

"Consider the following table illustrating the production function of gadgets. Furthermore, suppose the firm has fixed costs of $2,000/day and the wage rate is $250/day. What is the marginal product of labor for the 2nd worker that is employed?"

Options:
- 400 gadgets
- 500 gadgets
- 900 gadgets
- none of the above

To find the marginal product of labor (MPL) for the 2nd worker, calculate the difference in the quantity of units produced by using 2 workers and 1 worker: $900 - 400 = 500$ gadgets. Therefore, the margin is 500 gadgets per worker.

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