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Calculate the marginal cost of an additional unit of labor

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Suppose the labor supply curve for a large university in a small town is given by w = 160 + 0.03L, where L is the number of units of labor per week and w is the weekly wage paid per unit of labor. If the university is currently hiring 1000 units of labor per week, calculate the marginal cost of an additional unit of labor.

Reference no: EM132422650

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