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Use the table to answer the 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 answer

To calculate the marginal product of labor, we need to find the change in output associated with hiring the third worker.

The initial output was 48,000 units with 2 workers, and the output increased to 52,000 units with 3 workers.

Therefore, the marginal product of labor associated with hiring a third worker is:

Change in output = 52,000 - 48,000 = 4,000 units.

So, the marginal product of labor associated with hiring a third worker is 4,000 units.
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