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In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Total prod- uct (units per day) Mar- Average ginal product prod- Labor (workers per day) uct 1 2 2 12 15 3 4 5 16

In the table, the marginal product is greatest when the Total Product, Marginal Product, Average Product Total prod- uct (units per day) Mar- Average ginal product prod- Labor (workers per day) uct 1 2 2 12 15 3 4 5 16

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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### Understanding Marginal Product through a Table In the table below, analyze when the marginal product is greatest: | Labor (workers per day) | Total product (units per day) | Marginal product | Average product | |--------------------------|-------------------------------|------------------|-----------------| | 0 | 0 | | | | 1 | 2 | 2 | 2 | | 2 | 8 | | | | 3 | 12 | | | | 4 | 15 | | | | 5 | 16 | 1 | | **Question:** In the table, the marginal product is greatest when the - A. first worker is hired. - B. second worker is hired. - C. third worker is hired. - D. fourth worker is hired. The table presents data illustrating the relationship between workers hired and products produced. The marginal product indicates the additional output resulting from the addition of one more worker. Analyze the data to identify when the marginal product reaches its peak.
Transcribed Image Text:### Understanding Marginal Product through a Table In the table below, analyze when the marginal product is greatest: | Labor (workers per day) | Total product (units per day) | Marginal product | Average product | |--------------------------|-------------------------------|------------------|-----------------| | 0 | 0 | | | | 1 | 2 | 2 | 2 | | 2 | 8 | | | | 3 | 12 | | | | 4 | 15 | | | | 5 | 16 | 1 | | **Question:** In the table, the marginal product is greatest when the - A. first worker is hired. - B. second worker is hired. - C. third worker is hired. - D. fourth worker is hired. The table presents data illustrating the relationship between workers hired and products produced. The marginal product indicates the additional output resulting from the addition of one more worker. Analyze the data to identify when the marginal product reaches its peak.
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