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Suppose a certain firm is able to produce 160 units of output per day when 15 workers are hired.The firm is able to produce 178 units of output per day when 16 workers are hired (holding other inputs fixed) .What is the marginal product of the 16th worker
Arithmetic Average
The average of a set of numbers, determined by adding them together and then dividing by the total quantity of numbers in the set.
Distribution
Refers to the arrangement or spread of data points in statistics or the way a resource is spread out across an area or population in geography.
Mean
A statistical measure representing the average of a set of numbers.
Standardized Test
A test administered and scored in a consistent manner to assess the performance of individuals on a comparative basis.
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