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A university has 2 input variables, professors and staff. When it recently hired a new professor, the number of students increased by 3 per day. Then it added a new staff, and the number of students per day increased by 2. Professors cost $300,000 per year, and the cost of a staff member comes to $100,000 per year.

a) Was the University wise to add another staff member?

b) Why or why not?

Macroeconomics, Economics

  • Category:- Macroeconomics
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