QUESTION: Penny can make five flower barrettes each hour. She works 8 hours each day. Penny is
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QUESTION: Penny can make five flower barrettes each hour. She works 8 hours each day.
Penny is paid $75.00 a day. The firm can sell the barrettes for $1.99 each. What is Penny’s value of the marginal product of labor? What is the barrette firm’s marginal profit from hiring her?
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