Study the table above: What is the marginal product of th...
Study the table above: What is the marginal product of the second worker?
10
20
15
18
43
Correct answer is D
Is the change in output resulting from employing one more unit of a particular input, for instance, an increase in labour.
From the table above, when the firm had only 1 unit of labour, the output was 10. When it increased its labour to 2, the output increased to 28.
Therefore, marginal product of the second worker = 28 - 10 = 18
If a country's national income increased from N1,000 billion over a period of 2 years, what was ...
The difference between Gross National Income and Gross Domestic Product is known as ...
Long-term funds for investment projects are sourced from the ...
Effective supply is the total amount of a commodity ...
The cost incurred by using both fixed and variable factors in production is called ...
A balance budget is defined as a condition of ...
Which of the following economic system is in operation in Nigeria? ...
The remuneration of the entrepreneur as a factor of production is called ...
Which of the following statements must hold if price discrimination is to be possible? ...