Use the following to answer questions :
Table 6-2
-Suppose that a production process is defined by the function recorded in Table 6-2.The marginal product of the 6th unit of labor is 14.67 with 15 units of land being employed.

Question

Use the following to answer questions :
Table 6-2 
-Suppose that a production process is defined by the function recorded in Table 6-2.The marginal product of the 6th unit of labor is 14.67 with 15 units of land being employed.

Quizplus · Accepted Answer

The marginal product of labor for the 6th unit is 14.67, which means that adding one more unit of labor (from 5 to 6) increases output by 14.67 units. This corresponds to the production function values in the sixth row, which has 15 units of land employed. Therefore, the statement is true.

Use the Following to Answer Questions