Asked by
Gissela Perdomo
on Oct 08, 2024
Verified
Use the following data to answer the question: Inputs of Labor Total Product 0018218325430533634732\begin{array} { c c c } \begin{array} { c } \text { Inputs of } \\\text { Labor }\\\hline\end{array} & & \begin{array} { c } \text { Total } \\\text { Product }\\\hline\end{array} \\0 & & 0 \\1 & & 8 \\2 & & 18 \\3 & & 25 \\4 & & 30 \\5 & & 33 \\6 & & 34 \\7 & & 32\end{array} Inputs of Labor 01234567 Total Product 08182530333432 Refer to the data.Marginal product becomes negative with the hiring of the __________ unit of labor.
A) third
B) fourth
C) sixth
D) seventh
Marginal Product
The additional output resulting from using one more unit of a particular input, holding all other inputs constant.
Unit of Labor
A measure of labor input, often referred to as one hour of work by an employee or worker.
- Understand the principle of diminishing returns and its impact on production and expenses.
Verified Answer
MP
Learning Objectives
- Understand the principle of diminishing returns and its impact on production and expenses.