A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal product of the second worker is
A)32
B)1
C)5
D)8

Question

Quizplus · Accepted Answer

The marginal product of the second worker is the additional output produced by the second worker, calculated as the difference in total product when the second worker is hired compared to when only one worker was hired. This is 32 - 24 = 8.

A Farmer Who Has Fixed Amounts of Land and Capital