Table 18-7
Harold owns a cranberry bog in which he grows cranberries. Harold's farm is a competitive, profit-maximizing firm. Harold's production function is detailed in the table below.

-Refer to Table 18-7.What is the marginal product of the third worker?

Question

Table 18-7
Harold owns a cranberry bog in which he grows cranberries. Harold's farm is a competitive, profit-maximizing firm. Harold's production function is detailed in the table below.
 
-Refer to Table 18-7.What is the marginal product of the third worker?

Quizplus · Accepted Answer

The marginal product of the third worker is calculated by subtracting the total output with two workers from the total output with three workers. If the total output with two workers is 100 bushels and with three workers is 150 bushels, the marginal product of the third worker is 50 bushels.

Table 18-7 Harold Owns a Cranberry Bog in Which He Grows Cranberries