Use the table to answer the question. Number of Workers a 1 O b Oc Od 2 3 Output 40,000 48,000 52,000 Total Cost ($) 50,000 100,000 Calculate the marginal product of labor associated with hiring a third worker. 370,000 40,000 4,000 50,000 150,000 Total Revenue ($) 400,000 480,000 520,000

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Use the table to answer the question.

Use the table to answer the question.
Number of Workers
1
2
3
Output
370,000
40,000
4,000
50,000
40,000
48,000
52,000
Total Cost ($)
50,000
100,000
150,000
Calculate the marginal product of labor associated with hiring a third worker.
O a
b
Oc
Od
Total Revenue ($)
400,000
480,000
520,000
Transcribed Image Text:Use the table to answer the question. Number of Workers 1 2 3 Output 370,000 40,000 4,000 50,000 40,000 48,000 52,000 Total Cost ($) 50,000 100,000 150,000 Calculate the marginal product of labor associated with hiring a third worker. O a b Oc Od Total Revenue ($) 400,000 480,000 520,000
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