Question

Total Product, Marginal Product, Average Product Labor (workers per day) Total product (units per day) Marginal product Average product 0 0 0 0 1 2 2 2 2 8 3 12 4 15 5 16 1 In the above table, the average product of three workers is 1. 2. 3. 4

Answer 1

Marginal product is the additional output of one more worker. The marginal product of the first worker is four trees per day, while the marginal product of the second worker is six trees per day. Adding a third worker can contribute to the team's tasks, such as oiling the saw's teeth or providing water. The concept of diminishing marginal product explains that as more workers are added, the marginal product will eventually decrease.

Step-by-step explanation:

Marginal product is the additional output of one more worker. It is calculated by dividing the change in total product by the change in labor. In the table provided, the marginal product of the first worker is four trees per day, while the marginal product of the second worker is six trees per day. This difference can be attributed to the nature of the capital being used, such as a two-person saw working more efficiently with two people. Adding a third worker would contribute to the team by potentially completing tasks such as oiling the saw's teeth or bringing water to the other workers. The concept of diminishing marginal product explains that as more workers are added, the marginal product will eventually decrease, reaching a point where it may have no effect or even a negative effect on output. This is due to the fixed capital involved in the production process.