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Let L Represent the Number of Workers Hired by a Firm

question 22

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Let L represent the number of workers hired by a firm, and let Q represent that firm's quantity of output. Assume two points on the firm's production function are (L = 5, Q = 125) and (L = 6, Q = 152) . Then the marginal product of the 6th worker is


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Purchase Price

The amount of money paid or to be paid by the buyer to acquire ownership of a good, service, or property.

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