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martin's magical milk farm produces cow's milk and sells it to a local store for $2.20 per gallon. agricultural workers in the area are paid a fixed wage rate of $90 per day. use this information and the information in the table to answer the questions. assume that the milk farm is profit maximizing. workers quantity of milk per day (gallons) 0 0 1 70 2 130 3 180 4 220 5 240 6 250 what is the marginal product of labor (mpl) for employing a third worker? mpl3
martin's magical milk farm produces cow's milk and sells it to a local store for $2.20 per gallon. agricultural workers in the area are paid a fixed wage rate of $90 per day. use this information and the information in the table to answer the questions. assume that the milk farm is profit maximizing. workers quantity of milk per day (gallons) 0 0 1 70 2 130 3 180 4 220 5 240 6 250 what is the marginal product of labor (mpl) for employing a third worker? mpl3
TheMPLfor employing athird workeris 50 gallons.How to solve for Marginal product of laborTo find themarginal product of labor(MPL) for employing a third worker, we need to determine the additional gallons of milk produced when moving from two workers to three workers.From the table, we can see that with 2 workers, the farm produces 130 gallons of milk per day, and with 3 workers, it produces 180 gallons. So, themarginal product of laborfor the third worker (MPL3) is:MPL3 = Quantity of milk with 3 workers - Quantity of milk with 2 workersMPL3 = 180 - 130MPL3 = 50 gallonsSo, the MPL for employing a third worker is 50 gallons.Read more onmarginal product of laborhere:brainly.com/question/15416553#SPJ1...