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Julius runs a small tailor shop in the city of Bloomfield. He is debating whether he should extend his hours of operation. Julius figures that
Julius runs a small tailor shop in the city of Bloomfield. He is debating whether he should extend his hours of operation. Julius figures that his sales revenue will depend on the number of additional hours the tailor shop is open as shown in the table to the right. He would have to hire a worker for those hours at a wage rate of $18 per hour. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours
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