Answer:
The average product of three workers is 40 , and the marginal product of the third worker is 20 .
Explanation:
The average product of labor is the total product divided by the total quantity of labor, this is calculated below:
Total product = 120
Total quantity of labor = 3
∴ average product = 120 ÷ 3 = 40
The marginal product is defined as the output that results from employing an additional labor unit. In this case, when the labor unit was 2, the total product was 100, when a third labor was employed, the total product increased to 120, hence the contribution of the third labor = 120 - 100 = 20. Hence, the marginal product is 20.
The average product of three workers is 40 and the marginal product of the third worker is 20.
The average product of labor is the total product divided by total quantity of labor
Given Information
Total product = 120
Total quantity of labor = 3
Average product = 120 / 3
Average product = 40
Therefore, the average product of three workers is 40.
The marginal product is defined as the output that results from employing an additional labor unit
Given Information
When labor unit was 2, the total product was 100
When a third labor was employed, the total product increased to 120.
Marginal product of the third labor = (120 - 100) / (3-2)
Marginal product of the third labor = 20
Therefore, the marginal product of the third worker is 20.
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