Suppose that when a platinum-mining firm hires one, two, three, four, or five workers, the corresponding total output levels are 10, 15, 19, 22, and 24 tons of platinum, respectively. The marginal product of labor for the fourth worker is _____ tons of platinum.

Question

Quizplus · Accepted Answer

The marginal product of labor is the additional output produced by an additional worker. For the fourth worker, the total output increases from 19 tons (with three workers) to 22 tons (with four workers), which is an increase of 3 tons. Therefore, the marginal product of labor for the fourth worker is 3 tons of platinum.

Suppose That When a Platinum-Mining Firm Hires One, Two, Three