A Farm Can Produce 1,000 Bushels of Wheat Per Year

question 251

Multiple Choice

A farm can produce 1,000 bushels of wheat per year with two workers and 1,300 bushels of wheat per year with four workers.The marginal product of the fourth worker is:

• A)100 bushels.
• B)300 bushels.
• C)1,300 bushels.
• D)150 bushels.

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Definitions:

Units Of Input

Quantitative measures of the resources used in the production of goods or services.

Total Product

The total amount of goods or services produced by a firm or an economy at a given level of resource utilization.

Marginal Product

The additional output generated by employing one more unit of a specific factor of production, holding all other factors constant.