Fred Ramirez is a farmer who charts the relationship between number of acres planted in corn and number of bushels of corn harvested.Which marginal concept can Fred measure with this data?
A)marginal utility
B)marginal product
C)marginal cost
D)marginal revenue product
E)marginal factor cost

Question

Quizplus · Accepted Answer

Since Fred is measuring the relationship between the number of acres planted in corn and the number of bushels of corn harvested, he is measuring the marginal product. Marginal product is the change in output resulting from adding one more unit of input. In this case, one more unit of input is one more acre of corn planted, and the output is the number of bushels of corn harvested.

Fred Ramirez Is a Farmer Who Charts the Relationship Between