product of marginal revenue of labour dash marginal product of labour
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The marginal revenue product of a worker is equal to the product of the marginal product of labor (MPL) and the marginal revenue (MR) of output, given by MR×MP: = MRPL. This can be used to determine the optimal number of workers to employ at an exogenously determined market wage rate.
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The marginal revenue productivity theory of wages is a model of wage levels in which they set to match to the marginal revenue product of labor, {\displaystyle MRP}, which is the increment to revenues caused by the increment to output produced by the last laborer employed.
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