Which of the following examples shows marginal revenue product?
a. The newest staff member, Genevieve, started with a salary of $1,000 per week.
b. Stan had sales of $1,000 per week and was paid $700, leaving profit of $300.
c. When JP joined the team, the mechanics were able to service six more cars per day.
d. A recent hire, Ganesh, added $1,600 per week to the accounting firm’s hourly billing.
d. A recent hire, Ganesh, added $1,600 per week to the accounting firm’s hourly billing.
Economics
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Explain what is meant by the term ceteris paribus. Why is this concept often used in economic models?
What will be an ideal response?
Economics
The total accumulated debt of the federal government due to deficit spending is called the:
a. federal deficit. b. Congressional debt. c. deficit debt ceiling. d. national debt.
Economics