3. a. How does a firm decide whether to hire an additional worker?

comparing the new worker's wage to existing workers' wages

comparing the cost of hiring the worker to the associated benifit

whether the worker will increase the total cost of production

whether the new worker will require training

b. What is the cost associated with purchasing an additional resource?

Marginal Resource Cost

Marginal Revenue Product

Marginal Resource Utilization

Marginal Fixed Cost

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