The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal Average product of labor (TPL) Product Product of (MPL) labor (APL) 1 20 30 3 36 4 40 5 42 6 42 1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor? 2. Based on the above table, which labor has the largest marginal product? 3. Based on the above table, if the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*)?
The following table shows the DVDS production. Study the table and answer the questions? Labor (L) Total Marginal Average product of labor (TPL) Product Product of (MPL) labor (APL) 1 20 30 3 36 4 40 5 42 6 42 1. Based on the above table, how much is the marginal product (MPL) of the 3rd labor? 2. Based on the above table, which labor has the largest marginal product? 3. Based on the above table, if the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*)?
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 17P
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QUESTION 19
The following table shows the DVDS production. Study the table and answer the questions?
Labor (L)
Total
Marginal
Product
Average
product of
labor (TPL)
Product of
(MPL)
labor (APL)
1
20
30
36
4
40
5
42
6.
42
1. Based on the above table, how much is the marginal product (MPL) of the 3rd
labor?
2. Based on the above table, which labor has the largest marginal product?
3. Based on the above table, if the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F511c2713-0c11-4547-9821-4cc4cea127c9%2Fe88a796b-5eac-43c4-b3b6-b073469971e5%2F0my90go_processed.png&w=3840&q=75)
Transcribed Image Text:Review Questions
QUESTION 19
The following table shows the DVDS production. Study the table and answer the questions?
Labor (L)
Total
Marginal
Product
Average
product of
labor (TPL)
Product of
(MPL)
labor (APL)
1
20
30
36
4
40
5
42
6.
42
1. Based on the above table, how much is the marginal product (MPL) of the 3rd
labor?
2. Based on the above table, which labor has the largest marginal product?
3. Based on the above table, if the price of DVD is $20, and the labor's wage is $80, how many labors will be hired (L*)?
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