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Please fill out the chart and answer the following questions. Please show steps on how you...

Please fill out the chart and answer the following questions. Please show steps on how you got the answers thanks.

units of labor units of output MPP
0 0 ---
1 ? 30
2 66 ?
3 ? 30
4 116 ?

What is the marginal physical product of the second unit of labor in the Table?

What is the marginal physical product of the fourth unit of labor in the Table?

How many units of output can be produced when one unit of labor is employed in the Table?

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Homework Answers

Answer #1

units of labor

units of output

MPP

0

0

---

1

30

30

2

66

36

3

96

30

4

116

20

What is the marginal physical product of the second unit of labor in the Table?

Answer – The marginal Product of 2nd unit of labor is 36.

MPP = Change in Units of output/Change in the units of labor

MPP = 66 – 30 = 36

What is the marginal physical product of the fourth unit of labor in the Table?

Answer – The marginal Product of 4th unit of labor is 20.

MPP = Change in Units of output/Change in the units of labor

MPP = 116 – 96 = 20

How many units of output can be produced when one unit of labor is employed in the Table? Answer – Answer – The Total Product of first unit of labor is 30.

Formula Used

Total Product - Total Product as the total volume of final output produced by a firm using given inputs.

TP = ∑MP

Marginal Product = Change in Output/ Change in Input

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