The following table shows data for a firm. The first column shows the number of variable resources employed in production, the second column shows firm's total product, and the third column shows its product price. The firm will hire the fourth unit of resource when the marginal revenue product of the fourth unit is _____.
Table 11.4
Definitions:
Charitable Contributions
Money or goods given to organizations for the purpose of helping people or supporting societal, educational, religious, or other charitable activities.
Favorable Tax Treatment
Tax policies or provisions that reduce the tax burden on certain activities, income types, or investments to encourage their growth or stability.
Marginal Adjustment
Small, incremental changes made to a plan, system, or calculation in response to changes in circumstances or new information.
Marginal Changes
Small incremental adjustments to a plan of action, often analyzed in economics to understand the effects of slightly altering production, consumption, or investment.
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