Table 11.1
$$\begin{array} { | c | c | c | }
\hline \text { Machines } & \text { Output } & \text { Product Price (\$) } \
\hline 0 & 0 & 3 \
\hline 1 & 7 & 3 \
\hline 2 & 12 & 3 \
\hline 3 & 15 & 3 \
\hline 4 & 17 & 3 \
\hline 5 & 18 & 3 \
\hline
\end{array}$$
-Refer to Table 11.1,which shows the product price of a perfectly competitive firm and the output produced by the firm.The marginal product of the third machine is _____
A)$3.
B)5 units.
C)15 units.
D)3 units.
E)$2.

Question

Table 11.1
 $$\begin{array} { | c | c | c | } 
\hline \text { Machines } & \text { Output } & \text { Product Price (\$) } \
\hline 0 & 0 & 3 \
\hline 1 & 7 & 3 \
\hline 2 & 12 & 3 \
\hline 3 & 15 & 3 \
\hline 4 & 17 & 3 \
\hline 5 & 18 & 3 \
\hline
\end{array}$$
-Refer to Table 11.1,which shows the product price of a perfectly competitive firm and the output produced by the firm.The marginal product of the third machine is _____
A)$3.
B)5 units.
C)15 units.
D)3 units.
E)$2.

Quizplus · Accepted Answer

The marginal product of the third machine is the change in output when the number of machines increases from 2 to 3. From the table, we can see that the output increases from 12 to 15 when the number of machines increases from 2 to 3. Therefore, the marginal product of the third machine is 15 - 12 = 3 units.

Table 111 -Refer to Table 11