Question

The units of variable input (let's use labor in this case) in a production process are 1, 2, 3, 4, and 5. The corresponding total outputs are 8, 16, 24, 31, and 37 respectively. The marginal product for the fourth unit is____

Answer 1

The marginal product for the fourth unit of labor is 7.

Step-by-step explanation:

Marginal product is the extra output or change in the total product caused by the addition of one more unit of variable input, in this case, the number of workers. To calculate the marginal product for the fourth unit of labor, we can look at the change in total output between the third and fourth units of labor.

The total output for the third unit of labor is 24, and the total output for the fourth unit of labor is 31. Therefore, the marginal product for the fourth unit of labor is 31 - 24 = 7.