Asked by Heather Robertshaw on Jul 13, 2024
Verified
Refer to Table 13-1. What is total output when 1 worker is hired?
A) 10
B) 30
C) 45
D) 75
Total Output
The total quantity of goods or services produced by a firm, industry, or economy in a given period.
Marginal Product
The extra yield generated when one additional unit of a particular input is used, keeping all other inputs unchanged.
Workers
Individuals or employees engaged in any form of labor, either paid or unpaid, within an economy.
- Gain insight into the marginal product of labor and its relevance to the production function.
Verified Answer
YV
Yasmine VickersJul 16, 2024
Final Answer :
B
Explanation :
The total output when 1 worker is hired is 30 units, as indicated by the marginal product of the first worker being 30 units. Marginal product refers to the additional output produced by adding one more worker, and since there were no workers initially, the first worker's output is entirely their marginal product.
Learning Objectives
- Gain insight into the marginal product of labor and its relevance to the production function.