Asked by
Queen Rhain De leon
on Nov 04, 2024Verified
Assume the total product of two workers is 110 and the total product of three workers is 120. The three worker's average product is ________ while the third worker's marginal product is ________.
A) 40; 10
B) 40; 20
C) 50; 10
D) 120; 110
Average Product
The amount of output produced on average by each unit of a variable input, such as labor, in the production process.
Marginal Product
is the additional output resulting from a one-unit increase in the quantity of one input while holding other inputs constant, illustrating the concept of diminishing returns.
- Determine the average and marginal productivity of labor from specified data.
Verified Answer
KB
Learning Objectives
- Determine the average and marginal productivity of labor from specified data.