The following table shows the product price of a perfectly competitive firm and the output produced by the firm. From the table, it can be said that the marginal product of the third machine is _____.
Table 11.1

A)$3
B)5 units
C)15 units
D)3 units
E)$2

Question

The following table shows the product price of a perfectly competitive firm and the output produced by the firm. From the table, it can be said that the marginal product of the third machine is _____. ​
Table 11.1
​

A)$3 
B)5 units 
C)15 units 
D)3 units 
E)$2

Quizplus · Accepted Answer

To calculate the marginal product, we need to look at the change in output when an additional unit of input is added. In this case, the input is the number of machines. When the firm goes from using 2 machines to 3 machines, the output increases from 30 to 33. Therefore, the marginal product of the third machine is 3 units. Option D is the correct answer.

The Following Table Shows the Product Price of a Perfectly