Scenario: Selma runs a pastry shop. The following table shows the total number of cupcakes produced as a function of the number of hours of labor put into making them.
-Refer to the scenario above.The "diminishing marginal returns" in this production process is observed when the ________ hour of labor is employed.
Definitions:
Profit Margin
A financial metric indicating the percentage of revenue that remains as profit after all expenses are deducted.
Income Tax Rate
The percentage at which an individual or corporation is taxed on their income.
Net Income
Net Income is the total profit of a company after all expenses have been deducted from revenues.
Effective Tax Rate
The average rate at which an individual or a corporation is taxed, calculated by dividing the total tax by the taxable income.
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