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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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