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What is the marginal product and average product of employing 3rd labor- (1) Total Labor Units Product (Employees) (Sandwiches per Hour) 0 1 2 3 15, 10 5, 12.5 5, 10 (2) 10, 10 0 10 25 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

What is the marginal product and average product of employing 3rd labor-
(1)
Total
Labor Units Product
(Employees) (Sandwiches
per Hour)
0
1.
2
3
15, 10
5, 12.5
5, 10
(2)
10, 10
0
10
25
30

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Step 1: Define Marginal Product

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Step 2: Find the MP and AP of the 3rd labor

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workers ouput marginal product total cost average total cost marginal cost 0 0 0 200 0 $0 1 20 20 300 $15 $5 2 50 30 400 $8 $3.33 3 90 40 500 $5.56 $2.50 4 120 30 600 $5 $3.33 5 140 20 700 $5 $5 6 150 10 800 $5.33 $10 7 155 5 900 $5.8 $20 a.) can you explain dimisnishing marginal product based on those numbers? b.) compare the column for average total coat and the column for marginal cost. Explain the relationship.