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Complete the following table and identify the quantity that maximizes profit.
Insert TB824
Resource Supply
The total availability of resources, such as raw materials, labor, and capital, which can be used for production.
Marginal Revenue Product
The additional revenue generated by employing an additional unit of a resource, such as labor or capital.
Input Price
The cost associated with purchasing the raw materials or factors of production used in the creation of goods or services.
Marginal Productivity
An economic principle describing the added output that results from the increase of one more unit of an input, holding all other inputs constant.
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