Define marginal product of labor and value of the marginal product of labor. Describe how a competitive, profit maximizing firm decides how many workers to hire. Who has a greater opportunity cost of enjoying leisure- a janitor or a brain surgeon? Explain. Can this help explain why doctors works such long hours? How does immigration of workers affect labor supply, labor demand, the marginal product of labor and the equilibrium wage?

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Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...

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Define marginal product of labor and value of the marginal product of labor. Describe how a competitive, profit maximizing firm decides how many workers to hire.
Who has a greater opportunity cost of enjoying leisure- a janitor or a brain surgeon? Explain. Can this help explain why doctors works such long hours?
How does immigration of workers affect labor supply, labor demand, the marginal product of labor and the equilibrium wage?

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