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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

Who has a greater opportunity cost of enjoying leisure—a janitor or a brain surgeon? Explain. Can this help explain why doctors work such long hours?

To determine
Define marginal product of labor and value of marginal product of labor.

Explanation

Comparing the case of brain surgeon and janitor, the brain surgeon has a larger opportunity cost of enjoying leisure time than a janitor...

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