-Sun's Gas Station is a firm operating in a perfectly competitive industry. Sun's Gas Station sells each gallon of gas for $3. What is the value of marginal product from hiring the fourth worker?
Definitions:
Gains in Productivity
refer to increases in the efficiency of production processes, resulting in more output per unit of input over time.
Technology
Business application of knowledge based on scientific discoveries, inventions, and innovations.
U.S. Productivity
measures the efficiency of production in the United States, typically gauged by the output of goods and services per unit of labor input.
Gross Domestic Product
The total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.
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