00:01
In this question we're supposed to calculate the marginal product of labour and draw the marginal curve for sue's surfboards.
00:08
Here we have the total product schedule for sue's surfboards.
00:14
Let's calculate the marginal product of labor in this table.
00:20
Now when the labor is 1, output is 30.
00:23
So the marginal product of labor becomes 30 here.
00:29
When the labor is increased by 1 to 2, the output gets increased to 70.
00:34
So the marginal product of labor becomes 70 minus 30 which is 40 when the labor becomes 3 output increases to 120 so the marginal product of labor becomes 120 minus 70 that is 50 when the labor is increased to 4 output becomes 160 so the marginal product of labor becomes 160 minus 120 which is 40 when the labor is increased to 5, output becomes 190.
01:18
So the marginal product of labor is 190 minus 160, which is equals to 30.
01:28
When labor is increased to 6, marginal product of labor becomes 210 minus 190, that is 20.
01:40
When the labor is increased to 7, output increases to 220.
01:44
So the marginal product of labor is 220 minus 210 which is 10 now how do we plot the marginal product graph marginal product curve we take the midpoint of the increase in labor so when the labor increases from 0 to 1 the marginal product is 30 and the point on x axis is 0 .5 i'm just going to write x here to show the point on x axis...