Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the marginal product for 8 units of input?
Question
Use the data in the table below to answer questions 1 through 10.Input Total product0 01 42 83 154 225 256 277 288 24What is the marginal product for 8 units of input?
Solution
The marginal product for 8 units of input can be calculated by subtracting the total product at 7 units of input from the total product at 8 units of input.
From the table, the total product at 7 units of input is 28 and the total product at 8 units of input is 24.
So, the marginal product for 8 units of input is 24 - 28 = -4.
This means that adding an 8th unit of input actually decreases the total product by 4 units.
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