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Quantity of Output of ipods Marginal Product of Product Price Wage Labor per Week Labor (dollars) (dollars) 1 8 8 $300 $350 2 15 7

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Quantity of Output of ipods Marginal Product of Product Price Wage Labor per Week Labor (dollars) (dollars) 1 8 8 $300 $350 2 15 7 280 350 3 21 260 351) A 26 240 350 AUTO 30 220 350 6 33 200 350 7 35 2 180 350 For the production data represented in this table, assume that labor is the only variable input. Refer to Table 16-2. The marginal profit from hiring the second unit of labor is

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