**Question 1 of 20** Use the information in the table to answer the two questions that follow about Monster's Ink, a tattoo shop. | Number of workers | Tattoos completed | Marginal product | |-------------------|-------------------|------------------| | 0 | 0 | N/A | | 1 | 8 | 8 | | 2 | 18 | 10 | | 3 | 25 | 7 | | 4 | 28 | | | 5 | 30 | 2 | | 6 | 31 | 1 | **What is the marginal product of the fourth tattoo artist?** Marginal product: ________ tattoos **Explanation:** The table illustrates the relationship between the number of workers and the number of tattoos completed at Monster's Ink. The marginal product represents the additional tattoos completed when an extra worker is hired. To find the marginal product for the fourth worker, subtract the total tattoos completed by the third worker from the total by the fourth worker. The calculation would be $28 - 25 = 3$ tattoos.

Question 1 of 20 Use the information in the table to answer the two questions that follow about Monster's Ink, a tattoo shop. | Number of workers | Tattoos completed | Marginal product | |-------------------|-------------------|------------------| | 0 | 0 | N/A | | 1 | 8 | 8 | | 2 | 18 | 10 | | 3 | 25 | 7 | | 4 | 28 | | | 5 | 30 | 2 | | 6 | 31 | 1 | What is the marginal product of the fourth tattoo artist? Marginal product: ________ tattoos Explanation: The table illustrates the relationship between the number of workers and the number of tattoos completed at Monster's Ink. The marginal product represents the additional tattoos completed when an extra worker is hired. To find the marginal product for the fourth worker, subtract the total tattoos completed by the third worker from the total by the fourth worker. The calculation would be $28 - 25 = 3$ tattoos.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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