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Explain how a firm values the contribution of workers to its profitability.Would a profit-maximising competitive firm ever stop increasing employment as long as marginal product is rising? Explain your answer.
Dummy Variables
Variables used in regression analysis to represent categorical data by assigning numerical values, typically 0 or 1, to represent the presence or absence of certain characteristics.
Categorical Variable
A variable that represents groups or categories, which are not numerical.
Regression Equation
An equation that describes the average relationship between a dependent variable and one or more independent variables.
Coefficient Of Determination
A metric quantifying the amount of variation in a dependent variable accounted for by one or more independent variables within a regression model.
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