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The Production Function in the Long and Short RunThe table shows the quantity of workers and ...

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The Production Function in the Long and Short RunThe table shows the quantity of workers and ...

The Production Function in the Long and Short Run

The table shows the quantity of workers and short-run production for Huong's Waffles.

Quantity of Workers	Quantity of Waffles per Week
0	0
1	24
2	36
3	45
4	50
5	49

The waffle maker costs $510 and each worker costs $550 per week. What is the marginal product of labor for fourth worker? What is the average product of labor for the fourth worker?

▸ 50, 1.25

▸ 5, 12.5

▸ 5, 1.25

▸ 50, 12.5

Textbook

Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

Read 57 times

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