Lucille receives an annual salary of $37,500 based on a 37.5-hour workweek.   What are her gross earnings for a two-week pay period in which she works 9 hours of overtime at 1 1/2 times her regular rate of pay? (Assume there are exactly 52 weeks in a year. Round your answer to the nearest cent.)         Gross earnings =

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A: Marginal product refers to change in total product by hiring one more unit of input in production.

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Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.