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Chapter 7: Q 5. (page 184)

If two painters can paint200square feet of wall in an hour, and three painters can paint 275square feet, what is the marginal product of the third painter?

Short Answer

Expert verified

The marginal product of the third painter is 75square feet of wall in an hour.

Step by step solution

01

Step 1. Given information

Two painters can paint 200square feet of wall in an hour, and three painters can paint 275square feet.

02

Step 2. Marginal Product

Marginal product is the amount of product that can be obtained by employing one additional unit of an input of production (say, labor).

Marginal product of an additional unit of labor can be obtained by dividing the 75change in the total product by change in the quantity of labor.

03

Step 3. The marginal product of the third painter

(275-200)squarefeet(3-2)=75square
feet.

The marginal product of the third painter is square feet of wall in an hour.

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Most popular questions from this chapter

What is a production function?

Average cost curves (except for average fixed cost) tend to be U-shaped, decreasing and then increasing. Marginal cost curves have the same shape, though this may be harder to see since most of the marginal cost curve is increasing. Why do you think that average and marginal cost curves have the same general shape?

Automobile manufacturing is an industry subject to significant economies of scale. Suppose there are four domestic auto manufacturers, but the demand for domestic autos is no more than 2.5times the quantity produced at the bottom of the long-run average cost curve. What do you expect will happen to the domestic auto industry in the long run?

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