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(Table: Tonya's Production Function for Apples) Use Table: Tonya's Production Function for Apples.As she hires more labor,Tonya's production function shows that the number of apples picked increases at a decreasing rate because of:
Marginal Revenue Product
The additional revenue generated by employing one more unit of a resource, such as labor or capital.
Resource Price
The cost of inputs used in the production of goods or services, such as labor, raw materials, and capital.
Marginal Product
The additional output produced as a result of adding one more unit of a specific input, while holding other inputs constant.
Total-Product Schedule
A table that shows the output of goods or services that a firm can produce with different combinations of input resources.
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