On a 100-acre farm, a farmer is able to produce 3,000 bushels of wheat when he hires 2 workers. He is able to produce 4,400 bushels of wheat when he hires 3 workers. Which of the following possibilities is consistent with the property of diminishing marginal product?
A) The farmer is able to produce 5,600 bushels of wheat when he hires 4 workers.
B) The farmer is able to produce 5,800 bushels of wheat when he hires 4 workers.
C) The farmer is able to produce 6,000 bushels of wheat when he hires 4 workers.
D) Any of the above could be correct.
Correct Answer:
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Q162: Table 13-3 Q164: Table 13-2 Q169: Table 13-2 Q178: Table 13-3 Q401: Table 13-2 Q403: When the marginal product of an input Q404: If a production function shows declining marginal Q407: When adding another unit of labor leads Q409: Table 13-1 Q411: Table 13-2 Unlock this Answer For Free Now! View this answer and more for free by performing one of the following actions Scan the QR code to install the App and get 2 free unlocks Unlock quizzes for free by uploading documents