Table 3-4
Brenda and Eric run a business that involves setting up and testing computers. The following table applies.
-Refer to Table 3-4.For Brenda,the opportunity cost of testing a computer is
Definitions:
Marginal Product
The additional output that results from using one more unit of a particular input, while holding other inputs constant.
Average Product
The output produced per unit of input, calculated by dividing total output by the number of units of a specific input.
Marginal Product
The boost in output stemming from an increment in input by one unit.
Wage
The payment received by workers for their labor, typically expressed as an amount per hour or per year.
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