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Table 14-5 The following table shows the production and costs for the Wooden Chair Factory. Labor (Number of workers) Capital (Number of machines) Output (Chairs
Table 14-5 The following table shows the production and costs for the Wooden Chair Factory. Labor (Number of workers) Capital (Number of machines) Output (Chairs produced per hour) Marginal Product of Labor (Chairs produced per hour) Cost of Workers (Dollars) Cost of Machines (Dollars Total Cost (Dollars) 1 2 5 2 2 10 3 2 20 4 2 35 5 2 55 6 2 70 7 2 80 Refer to Table 14-5 . The Wooden Chair Factory experiences diminishing marginal product of labor with the addition of which worker? a. The fourth worker b. The third worker c. The fifth worker d. The sixth worker
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