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(a)What is the present value of $32,000 due 7 years from now, discounted at 8%?
(b) What is the present value of $70,000 due 5 years from now, discounted at 15%?
Marginal Product
Marginal product refers to the additional output produced as a result of adding one more unit of a specific input, while holding other inputs constant.
Resource
An economic or productive factor required to accomplish an activity, or as a means to undertake an enterprise and achieve desired outcome.
Marginal Revenue Product
The additional revenue generated by employing one more unit of a resource, such as labor.
Productivity
The measure of efficiency in converting inputs into useful outputs in production.
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