Marginal revenue product is

a. the additional cost of hiring one more unit of a resource
b. the additional units of output generated by hiring one more unit of a resource
c. calculated by multiplying marginal revenue by the price of a resource
d. the expected additional revenue generated by hiring one more unit of a resource
e. calculated by multiplying marginal revenue by the marginal resource cost of a resource


D

Economics

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Economics

According to the Bureau of Labor Statistics, in the Federal Government, the starting salary for economists having a bachelor's degree was $35,752 in 2007. Assume that our economist will get this government job that offers a 3 percent raise annually. After 5 years of working, she quits and never works again. How much will this worker have earned over her brief working career? How much will she have paid in Social Security and Medicare taxes if the tax rate is 7.45 percent?

What will be an ideal response?

Economics

In the short run, a firm may have accounting losses and remain in operation.

Answer the following statement true (T) or false (F)

Economics

Svetlana is risk averse. Which of the following is correct about Svetlana?

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Economics