**Transcription for Educational Website****Question:** In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur?**Table: The Production Function and Marginal Product**- **Number of Workers:** 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 - **Total Output (number of meals served per hour):** 12, 25, 36, 45, 52, 57, 60, 61, 60, 57 - **Marginal Product of Labor:** 12, 13, 11, 9, 7, 5, 3, 1, -1, -3 **Graph Descriptions:**- **Graph (a): Total Output vs. Number of Workers** - The graph illustrates the relationship between the number of workers and the total output. Initially, total output increases at a decreasing rate until it reaches a peak and then declines.- **Graph (b): Marginal Product of Labor vs. Number of Workers** - This graph shows the marginal product of labor, which rises, peaks, and then declines, becoming negative after a certain point.**Options:**a. Ninth worker b. Second worker c. Fourth worker d. Third worker **Instructions:** Click to view a larger image.---The point of diminishing marginal product occurs where the additional output from an additional worker begins to decrease. This is reflected when the marginal product of labor starts to decline, which can be identified in the graphs and table.

Diminishing MP(marginal product) shows that when the labor(number of workers) rise, the MP falls and…

In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Tetal Tetal output Marginal Output Number imumber of meals product of labor of workers served per hour) 70 se 30 10 10 15 15 Number of werkers la 12 Marginal Product of Labor 10 52 15 10 910 Number of 10 workers Click to view larger image. a. Ninth worker b. Second worker C. Fourth worker d. Third worker

In the example presented by this graph, at what number of workers does the point of diminishing marginal product occur? The Production Function and Marginal Product Tetal Tetal output Marginal Output Number imumber of meals product of labor of workers served per hour) 70 se 30 10 10 15 15 Number of werkers la 12 Marginal Product of Labor 10 52 15 10 910 Number of 10 workers Click to view larger image. a. Ninth worker b. Second worker C. Fourth worker d. Third worker

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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