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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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