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2 cards from this section. Quick, good the night before a test.
Define marginal product.
Think about the relationship between input and output.
What does the law of diminishing returns state?
Consider how resource limitations might affect productivity.
What does marginal product represent?
Focus on what happens when more input is added.
The law of diminishing returns suggests what eventual outcome?
Consider the effects of resource limitations on output.
A factory produces toys with 1, 2, 3, and 4 workers resulting in outputs of 100, 210, 300, and 360 respectively. Calculate marginal product for each additional worker and analyze the diminishing returns in this scenario.
Calculate the changes in total output and interpret the results.
Construct a marginal product curve based on the following total product data: 0, 4, 10, 15, and 18 for inputs of 0, 1, 2, 3, and 4. Discuss the implications of your findings.
Focus on the differences between the total product values at each input level.
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