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Jayden runs a company that sells its product for $250 each. When he employs 10 workers, they can sell 60 products per week, while only 54 products are sold when 9 workers are employed. What is the weekly marginal revenue product of the tenth worker?
Fixed Input
Inputs used in production that cannot be varied in the short term, such as buildings or machinery.
Plant Size
The physical capacity or dimensions of a manufacturing facility.
Implicit Costs
They represent the opportunity costs of using resources that a company already owns, rather than the out-of-pocket expenses.
Economic Costs
The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.
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