Examlex
Suppose one worker in New Ralph Island can produce 40 walking sticks or 10 boomerangs each hour.The opportunity cost of producing 1 walking stick is _____.
Factor's Price
The payment for the use of a factor of production, such as wages for labor, rent for land, or interest on capital.
Value of the Marginal Product
The additional revenue generated from employing one more unit of a factor of production.
Total Revenue
The sum of income a company earns from selling products or providing services before deducting any costs.
Value of the Marginal Product
The additional revenue a firm receives from hiring one more unit of input, like labor, in the production process.
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