Use the following to answer question:
-(Table: Employment and Output)Use Table: Employment and Output.In the table,if the price of a bushel of wheat is $10,then the value of the marginal product of the third worker is:
A)$15.
B)$150.
C)$170.
D)$510.

Question

Use the following to answer question: 
-(Table: Employment and Output)Use Table: Employment and Output.In the table,if the price of a bushel of wheat is $10,then the value of the marginal product of the third worker is:
A)$15. 
B)$150. 
C)$170. 
D)$510.

Quizplus · Accepted Answer

The value of the marginal product of labor (VMPL) is calculated by multiplying the marginal product of labor (MPL) by the price of the output. Without the specific numbers from the table, we can't calculate the exact MPL for the third worker. However, the correct approach is to find the additional output produced by the third worker and multiply it by the price of wheat ($10). If the choice B) $150 is correct, it implies the third worker's MPL was 15 bushels (since 15 bushels * $10/bushel = $150).

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