Answer:
marginal product of skilled labor is three times as great as that of unskilled labor.
Explanation:
Labor refers to the human capital or workers who are saddled with the responsibility of overseeing and managing all the aspects of production.
Generally, the level of productivity of a business firm or an organization would increase when the inputs such as capital, raw materials, labour, etc., decreases while output such as finished products remain the same.
Furthermore, if skilled labor such as carpenter, bricklayer, blacksmith, electrician, etc., costs three times as much as unskilled labor such as information technologist, engineering, medical doctor, etc., a profit-maximizing firm will vary the quantity of each type of labor used until the marginal product of skilled labor is three times as great as that of unskilled labor in order for it to make profits and proper use of the factors of production.
