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WAEC Economics 2001 Question 13

Question 13

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 difference between the highest and the least marginal product of the variable factor is

  1. A.3
  2. B.8
  3. C.10
  4. D.12
Show the answer and explanation

Answer: A (3)

Explanation

From the 2nd unit, MPs are 6, 9, 8 and 7, so highest − least = 9 − 6 = 3 (the table gives no TP at zero units, so the first unit's MP is not counted).