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If the marginal product of labor is 25 units and the price of each unit is \$4, what is the value of the marginal product of labor?
A firm is considering hiring an additional worker. The marginal product of labor is 5 units, and the price per unit is \$15. If the worker's wage is \$60, should the firm hire the worker?
Which factor of production is primarily responsible for the physical and mental contributions in the production process?
In what way does entrepreneurship enhance the efficiency of the production process?
A factory hires an additional worker, increasing its output from 100 to 120 units. What is the marginal product of labor?
A bakery hires an additional worker, increasing its output from 50 to 70 loaves of bread per day. If each loaf sells for \$5, what is the marginal revenue product of the worker?
How does entrepreneurship contribute to the production process?
How does an increase in human capital affect a firm's competitive advantage?
Which of the following is considered a factor of production?
How does the production function relate inputs to outputs in a firm?