Use the table to answer the following questionsOutput of laborQuantity of output00130025503700480058506890a. Calculate the value of the marginal product of labor of the 3rd workerb.

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Description: Use the table to answer the following questionsOutput of laborQuantity of output00130025503700480058506890a. Calculate the value of the marginal product of labor of the 3rd workerb.

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the table to answer the following questions

Output of labor	Quantity of output
0	0
1	300
2	550
3	700
4	800
5	850
6	890

a. Calculate the value of the marginal product of labor of the 3rd worker

Expert Solution

Step 1

The marginal product of labor for the nth worker is calculated as

$M P_{n} = T P_{n} - T P_{n - 1}$

Where TP denotes total product.

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