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WAEC Economics 2001 Question 12

Question 12

Theory of Production

Use the table below to answer questions 12, 13 and 14.
Units of Variable factor | Total Product
1 | 25
2 | 31
3 | 40
4 | 48
5 | 55
The marginal product at the fourth variable factor is

  1. A.12
  2. B.9
  3. C.8
  4. D.6
Show the answer and explanation

Answer: C (8)

Explanation

MP of the 4th unit = TP at 4 − TP at 3 = 48 − 40 = 8.