Grace is a self-employed artist. She can make 20 pieces of pottery per week. She is considering hiring her sister Kate to work for her. Both she and Kate (together) can make 55 pieces of pottery per week. What is Kate’s marginal product?

30 pieces of pottery

Explanation:

The marginal product could simply be explained as the resulting change in output as a result of employing one more unit of labor (input).

When Kate works alone ; pieces of pottery made = 25 pieces

Output when she employed her sister (Kate) and they work together, output = 55 pieces

Hence, Kate's marginal product ;

55 pieces - 25 pieces = 30 pieces

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

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