On a 100 acre farm, a farmer is able to produce 3,000 bushelsof wheat when he hi

Question

On a 100 acre farm, a farmer is able to produce 3,000 bushelsof wheat when he hires 2 workers. He is able to produce 4,400bushels of wheat when he hires 3 workers. Which of thefollowing possibilities is consistent with the property ofdiminishing marginal product. a. The farmer is able to produce 5,600 bushels of wheat whenhe fires 4 workers. b. The farmer is able to produce 5,800 bushels of wheat whenhe hires 4 workers. c.the farmer is able to produce 6,000 bushels of wheat when hehires 4 workers. d. All of the above are correct. On a 100 acre farm, a farmer is able to produce 3,000 bushelsof wheat when he hires 2 workers. He is able to produce 4,400bushels of wheat when he hires 3 workers. Which of thefollowing possibilities is consistent with the property ofdiminishing marginal product. a. The farmer is able to produce 5,600 bushels of wheat whenhe fires 4 workers. b. The farmer is able to produce 5,800 bushels of wheat whenhe hires 4 workers. c.the farmer is able to produce 6,000 bushels of wheat when hehires 4 workers. d. All of the above are correct.

Explanation / Answer

Answer B The farmer is able to produce 5,800 bushels when he hires 4workers. Explanation Marginal product = change in total product / change in variableinput                         =1,400 /1                3-2 =1                         =4400+1400                         =5800

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