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Use the table to answer the question. Number of Workers Output Total Cost ($) Total Revenue($) 1 40,000 50,000 400.000 2 48,000 100,000 480,000 3

Use the table to answer the question.

Number of Workers Output Total Cost ($) Total Revenue($)

1 40,000 50,000 400.000

2 48,000 100,000 480,000

3 52,000 150.000 520,000

Calculate the marginal product of labor associated with hiring a third worker.

(1 point)

  • 50,000
  • 40,000
  • 370,000
  • 4,000

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