Question

Assume the total product of three workers is 120 and the total product of four workers is 160. The average product of four workers is​ ________, and the marginal product of the fourth worker is​ ________.

Answer 1

Average product = 40

Marginal product = 40

Step-by-step explanation:

We know,

Average product = Total product (Q) ÷ total number of labors (L)

Marginal product = ΔQ ÷ ΔL = (
`Q_(1) - Q_(0)`) ÷
`(L_(1) - L_(0))`

Given,

Labor Total Product (Q) Average Product Marginal Product

3 120 (120 ÷ 3) = 40 -

4 160 (160 ÷ 4) = 40 (160 - 120) ÷ (4 - 3) = 40

Therefore, The average product of four workers is​ 40, and the marginal product of the fourth worker is also 40.