Suppose the average product of 6 workers is 150 units of a good and that of 7 workers is 170 units. The MP of the seventh worker equals:

Economics
Suppose the average product of 6 workers is 150 units of a good and that of 7 workers is 170 units. The MP of the seventh worker equals:

ScanSolve AI Answer

Answer

290 units

Step 1: Calculate the total product for 6 workers. The average product (AP) for 6 workers is 150 units. Total Product (TP) is calculated as Average Product ×\times Number of Workers. TP6=AP6×6TP_6 = AP_6 \times 6 TP6=150units/worker×6 workersTP_6 = 150 units/worker \times 6 \text{ workers} TP6=900 unitsTP_6 = 900 \text{ units}

Step 2: Calculate the total product for 7 workers. The average product (AP) for 7 workers is 170 units. TP7=AP7×7TP_7 = AP_7 \times 7 TP7=170units/worker×7 workersTP_7 = 170 units/worker \times 7 \text{ workers} TP7=1190 unitsTP_7 = 1190 \text{ units}

Step 3: Calculate the marginal product (MP) of the seventh worker. The marginal product of the seventh worker is the change in total product when the seventh worker is added. MP7=TP7TP6MP_7 = TP_7 - TP_6 MP7=1190units900 unitsMP_7 = 1190 units - 900 \text{ units} MP7=290 unitsMP_7 = 290 \text{ units}

The MP of the seventh worker equals: 290units\boxed{290 units}

Was this helpful?

Need help with your own homework?

Get instant step-by-step solutions to any question. Free to start.

Ask Your Question
Handwritten step-by-step solution preview

Handwritten Step-by-Step Solution

Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.

Try on WhatsApp

Still have questions?

Quick Answer

Calculate the total product for 6 workers. The average product (AP) for 6 workers is 150 units.

Suppose the average product of 6 workers is 150 units of a good and that of 7 workers is 170 units. The MP of the seventh worker equals:
Economics

This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.

ScanSolve AI Answer
Step 1: Calculate the total product for 6 workers. The average product (AP) for 6 workers is 150 units. Total Product (TP) is calculated as Average Product × Number of Workers. TP_6 = AP_6 × 6 TP_6 = 150 units/worker × 6 workers TP_6 = 900 units Step 2: Calculate the total product for 7 workers. The average product (AP) for 7 workers is 170 units. TP_7 = AP_7 × 7 TP_7 = 170 units/worker × 7 workers TP_7 = 1190 units Step 3: Calculate the marginal product (MP) of the seventh worker. The marginal product of the seventh worker is the change in total product when the seventh worker is added. MP_7 = TP_7 - TP_6 MP_7 = 1190 units - 900 units MP_7 = 290 units The MP of the seventh worker equals: 290 units