Those working in bars earned slightly more, with an average hourly wage of $9.84. Hosts and hostesses employed by hotel restaurants earned a significantly higher wage, averaging $10.95 per hour. The few hosts and hostesses employed by colleges and universities earned the highest wage, $12.85 per hour.
Definition of marginal value: The incremental value that is achieved through additional output. Marginal value exists through a product modification that results in an increase in price or an increase in unit production. The value ...
Question 1: What does the term marginal mean? In economics, the term marginal is used to indicate the change in some benefit or cost when an additional unit is produced. For instance, the marginal revenue is the change in total revenue when an additional unit is produced. If we let the total revenue function be