Question
Number of Workers Output Total Cost ($) Total Revenue ($)
1 40,000 50,000 400,000
2 48,000 100,000 480,000
3 52,000 150,000 520,000
Calculate the marginal product of labor associated with hiring a third worker.
(1 point)
Responses
40,000
40,000
4,000
4,000
370,000
370,000
50,000
Answers
GPT-4o mini
To calculate the marginal product of labor (MPL) associated with hiring a third worker, you need to find the change in output when moving from 2 workers to 3 workers.
Here's the data about output:
- Output with 2 workers = 48,000
- Output with 3 workers = 52,000
Now, we can calculate the marginal product of labor:
\[ \text{MPL} = \text{Output with 3 workers} - \text{Output with 2 workers} \]
\[ \text{MPL} = 52,000 - 48,000 = 4,000 \]
Therefore, the marginal product of labor associated with hiring a third worker is **4,000**.
So the correct response is:
**4,000**
Here's the data about output:
- Output with 2 workers = 48,000
- Output with 3 workers = 52,000
Now, we can calculate the marginal product of labor:
\[ \text{MPL} = \text{Output with 3 workers} - \text{Output with 2 workers} \]
\[ \text{MPL} = 52,000 - 48,000 = 4,000 \]
Therefore, the marginal product of labor associated with hiring a third worker is **4,000**.
So the correct response is:
**4,000**