ECONOMICS
SUPPLY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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32
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33
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34
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35
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Detailed explanation-1: -The marginal product of labour is calculated by dividing the total product value by the difference in the labour.
Detailed explanation-2: -The marginal product of the 5th worker is the change in total output from the level of 4 workers to 5 workers. In this case, the level of output with 4 workers is 41 and the level of output with 5 workers is 50. This means the marginal product of the 5th worker is 50-41=9 units.
Detailed explanation-3: -Marginal product of labor is a measurement of a change in output when additional labor is added. However, all other factors remain constant. To calculate marginal product of labor you simply divide the change in total product by the change in labor.
Detailed explanation-4: -And so on. The height of each bar measures the marginal product of labor. For example, when labor increases from 2 to 3, total product increases from 10 to 13, so the marginal product of the third worker is 3 units of output.