Homework Clinic
Social Science Clinic => Economics => Macroeconomics => Topic started by: campbellfam07 on Nov 23, 2022
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Question 1
If the marginal product of labor for the first worker is 16, the second worker is 30, and the third worker is 13, what is the average product of labor for the second worker? For the third worker?
◦ 15, 4.3
◦ 23, 29.5
◦ 15, 6.5
◦ 23, 19.7
Question 2
The table shows your semester GPA (marginal GPA) and cumulative GPA (average GPA) for several terms.
| Term | Semester GPA | Cumulative GPA |
| Freshman year | | |
| Fall | 1.2 | 1.2 |
| Spring | 2 | 1.6 |
| Sophomore year | | |
| Fall | 2.8 | 2 |
| Spring | 3.6 | 2.4 |
| Junior year | | |
| Fall | 3.6 | 2.6 |
| Spring | | 2.8 |
What GPA did you earn in the Spring of your Junior year?
◦ 3.6
◦ 2.8
◦ 3.1
◦ 2
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Answer 1
23, 19.7
The average product of labor is the total output produced by a firm divided by the quantity of workers. It is the average of all the marginal products of labor.
For the second worker:
Average product of labor = (MarginalProduct1 + MarginalProduct2)/ 2 =
(16 + 30)/2 = 23
For the third worker:
Average product of labor = (MarginalProduct1 + MarginalProduct2 + MarginalProduct3)/3 =
(16 + 30 + 13)/3 = 19.7
Answer 2
3.6
The cumulative GPA (average GPA) is the average of all the semester GPA's (marginal GPA).
Therefore, Cumulative GPA for Spring of Junior Year = (Semester GPA for Fall of Freshman year + Semester GPA for Spring of Freshman year + Semester GPA for Fall of Sophomore year + Semester GPA for Spring of Sophomore year + Semester GPA for Fall of Junior Year + Semester GPA for Spring of Junior Year)/6
2.8 = (1.2 + 2 + 2.8 + 3.6 + 3.6 + Semester GPA for Spring of Junior Year)/6
2.8 = (13.2 + Semester GPA for Spring of Junior Year)/6
6*2.8 = 16.8 = 13.2 + Semester GPA for Spring of Junior Year
16.8 - 13.2 = 3.6 = Semester GPA for Spring of Junior Year