Total Product, Marginal Product, Average Product

question 344

Multiple Choice

Total Product, Marginal Product, Average Product

-In the above table, the marginal product of the third worker is

• A) 1.
• B) 2.
• C) 3.
• D) 4.

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Definitions:

Physical Flow

The tracking of physical units as they move through the production process.

Specific Identification

A method in inventory accounting that tracks the actual cost of specific items sold and in inventory.

Net Income Manipulation

The practice of altering financial statements to present a more favorable picture of a company's profits.

Average Cost Formula

A method used to calculate the cost of goods sold and ending inventory by taking the total cost of goods available for sale and dividing it by the total number of units available for sale.