The Firm Should Hire Two Workers Because the Second Worker

question 127

Short Answer

The firm should hire two workers because the second worker is the one for whom MRP ($1,200) is greater than the hourly wage ($700). If the firm hired the third worker for $700, he or she would add only $600 in value, which would take away from the firm's profit.

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Definitions:

Primary Data

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Neuromarketing

The application of neuroscience to marketing, studying consumers' sensorimotor, cognitive, and affective response to marketing stimuli to better understand their behavior.

Brain Patterns

Refers to the recognizable, repeatable neural activity within the brain that can indicate specific mental states or processes.