Table 7-4 shows the quantities of labor and capital required to produce various levels of output.
Table 7-4 $$\begin{array} { | c | c | c | }
\hline \begin{array} { c }
\text { Amount of } \
\text { Capital }
\end{array} & \begin{array} { c }
\text { Amount of } \
\text { Labor }
\end{array} & \text { Total Product } \
\hline 5 & 1 & 10 \
\hline 5 & 2 & 24 \
\hline 5 & 3 & 42 \
\hline 5 & 4 & 56 \
\hline 5 & 5 & 66 \
\hline 5 & 6 & 74 \
\hline 5 & 7 & 80 \
\hline
\end{array}$$
-Refer to Table 7-4.What is the marginal product of the fourth worker?
A)10
B)14
C)42
D)56

Question

Table 7-4 shows the quantities of labor and capital required to produce various levels of output.
Table 7-4 $$\begin{array} { | c | c | c | } 
\hline \begin{array} { c } 
\text { Amount of } \
\text { Capital }
\end{array} & \begin{array} { c } 
\text { Amount of } \
\text { Labor }
\end{array} & \text { Total Product } \
\hline 5 & 1 & 10 \
\hline 5 & 2 & 24 \
\hline 5 & 3 & 42 \
\hline 5 & 4 & 56 \
\hline 5 & 5 & 66 \
\hline 5 & 6 & 74 \
\hline 5 & 7 & 80 \
\hline
\end{array}$$
-Refer to Table 7-4.What is the marginal product of the fourth worker?
A)10
B)14
C)42
D)56

Quizplus · Accepted Answer

The marginal product is the additional output that is produced when one more unit of labor is added while holding the amount of capital constant. The marginal product of the fourth worker can be calculated as follows:
Marginal product of the fourth worker = Total product of 4 workers – Total product of 3 workers
= 56 – 42
= 14
Therefore, the best choice is B, with an explanation that the marginal product of the fourth worker is 14.

Table 7-4 Shows the Quantities of Labor and Capital Required