The table below has the marginal product schedule for Nick's Pizza.
a∙If pizza sells for $8 each, complete the last column of the table.
b∙If Nick can hire workers at the going wage rate of $16 an hour, how many workers does Nick hire?
Definitions:
Open-market Operations
The buying and selling of government securities by a central bank to control the money supply and interest rates in the economy.
Friedman Rule
A monetary policy rule proposed by economist Milton Friedman, suggesting that the optimal nominal interest rate is zero to eliminate the opportunity cost of holding money.
Deflation
A decrease in the general price level of goods and services, often indicating an economic slowdown.
Inflation
The velocity at which the aggregate price level for goods and services elevates, thereby reducing purchasing capability.
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