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When 4 units of labor are employed, total product is 6 units; when 5 units of labor are employed, total product is 9 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 5th unit of labor?
Primary Obligation
The fundamental duty or liability that a party is required to fulfill under a contract.
Indemnity
A contractual agreement between parties where one agrees to compensate the other for any loss or damage incurred.
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A formal pledge or assurance that certain conditions or obligations will be fulfilled, often serving as security in transactions.
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An oral or implied agreement between a landlord and tenant that has not been formalized in writing.
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