00:01
So here let's reproduce that.
00:03
So we have days of labor, days of labor, 0, 1, 2, 3, 4, 5, 6, and 7.
00:10
We have quantity of output, which is 0, 7, 13, 19, 25, 28, 29, and 29.
00:22
And we need to calculate marginal product.
00:24
So the marginal product is the change in q over the change in labor.
00:29
So what i'm doing is i'm looking at how much quantity increases.
00:34
So the change for each worker.
00:36
Each worker is adding a different amount of use to the production process.
00:44
So there's my marginal product, right? marginal product is the change in total output.
00:49
Now value of the marginal product is equal to the marginal product times the price...