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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

The total fixed cost curve is a. upward sloping. b. downward sloping. c. upward sloping, then downward sloping. d. unchanged with the level of output.

Implicit costs are the opportunity costs of using the resources of a. outsiders. b. owners. c. banks. d. retained earnings.

Fixed inputs are factors of production that a. are determined by a firm's plant size. b. can be increased or decreased quickly as output changes. c. cannot be increased or decreased as output changes. d. are none of the above.

Assuming the marginal cost curve is a smooth J-shaped curve, the corresponding total cost curve has a (an) a. linear shape. b. S-shape. c. U-shape. d. reverse S-shape.

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.
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