An employer hiring in a competitve labor market should hire additional labor as lnog as?

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25-08-2022
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An employer hiring in a competitve labor market should hire additional labor as lnog as?

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arshikhan8123 arshikhan8123 · Answer 1 · 2022-08-30T23:38:30+02:00

An employer hiring in a competitive labor market should hire additional labor as long as the marginal revenue product (MRP) exceeds the wage rate.

Marginal revenue product (MRP), also called the marginal fee product, is the marginal sales created due to an addition of 1 unit of resource. The marginal sales product is calculated via multiplying the marginal physical product (MPP) of the useful resource through the marginal sales (MR) generated.

How do you calculate marginal revenue product made from labor?

The marginal revenue product fabricated from a worker is equal to the fabricated from the marginal fabricated from exertions (MPL) and the marginal revenue (MR) of output, given with the aid of MR×MPL = MRPL.

Why is marginal revenue product vital?

Marginal revenue product (MRP) explains the additional revenue generated by means of adding an additional unit of manufacturing resource. it's miles an important idea for determining the demand for inputs of production and analyzing the most advantageous amount of a useful resource.

Learn more about marginal revenue product here:-https://brainly.com/question/13444663

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