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Chapter 7: Problem 7

If the units of variable input in a production process are \(1,2,3,4,\) and 5 and the corresponding total outputs are \(10,22,33,42,\) and 48 respectively, the marginal product of the fourth unit is a. 2 b. 6 c. 9 d. 42

Short Answer

Expert verified
The marginal product of the fourth unit is 9 (option c).

Step by step solution

01

Understand the concept of marginal product

In the context of production processes, marginal product refers to the additional output produced when one more unit of input (variable) is added. In this exercise, we are given a set of variable inputs, and their corresponding total outputs.
02

Identify the total outputs for 3rd and 4th units

The total output for the 3rd unit is 33, and for the 4th unit, it is 42. We now need to identify the marginal product of the fourth unit, i.e., the additional output produced when the fourth unit is added.
03

Calculate the marginal product of the fourth unit

To find the marginal product of the fourth unit, subtract the total output of the 3rd unit from the total output of the 4th unit: Marginal Product = Total Output(4th unit) - Total Output(3rd unit) = 42 - 33 = 9
04

Identify the correct option

As per our calculation, the marginal product of the fourth unit is 9. Comparing this to the given options: a. 2 b. 6 c. 9 d. 42 The correct answer is option (c), 9.

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Most popular questions from this chapter

long-run constant returns to scale exist when the a. short-run average total cost curve is constant. b. long-run average cost curve rises. c. long-run average cost curve is flat. d. long-run average cost curve falls.

The downward-sloping segment of the long-run average cost curve corresponds to a. diseconomies of scale. b. both economies and diseconomies of scale. c. the decrease in average variable costs. d. economies of scale.

long-run diseconomies of scale exist when the a. short-run average total cost curve falls. b. long-run marginal cost curve rises. c. long-run average total cost curve falls. d. short-run average variable cost curve rises. e. long-run average cost curve rises.

If both the marginal cost and the average variable cost curves are \(J\) -shaped, at the point of minimum average variable cost, the marginal cost must be a. greater than the average variable cost. b. less than the average variable cost. c. equal to the average variable cost. d. at its minimum.

Which of the following is not a source of economies of scale? a. Division and specialization of labor b. Increase in output c. More efficient use of capital d. All of the above e. Centralized marketing
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