Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $12 per
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Your enterprising uncle opens a sandwich shop that employs 7 people. The employees are paid $12 per hour, and a sandwich sells for $6. If your uncle is maximizing his profit, what is the value of the marginal product of the last worker he hired? What is that worker's marginal product?
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Because your uncle is maximizing his profit he must be hiring workers such that their ...View the full answer
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