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Ricky Castillo
on Oct 08, 2024

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The first,second,and third workers employed by a firm add 24,18,and 9 units to total product respectively.Therefore,we can conclude that:

A) marginal product of the third worker is 9.
B) the third worker has to work with poorer-quality tools and raw materials.
C) the firm will not want to hire more than three workers.
D) the first worker puts forth more effort than the second and third workers.

Marginal Product

The additional output resulting from the use of one more unit of a production input, holding other inputs constant.

Total Product

The overall quantity of output produced by a firm from a given amount of inputs within a certain period.

Quality Tools

Instruments or techniques used to enhance product or service quality through problem-solving, process analysis, and improvement strategies.

  • Understand the principle of diminishing returns and its consequences for production processes.
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Licebo MakambaOct 10, 2024
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