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Define marginal product of talent, with detail and example
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- Which of the following explains the slope of the demand curve for labor?a. the marginal productivity theoryb. the law of diminishing marginal productc. the practice of featherbeddingd. the result of monopsonyRobert can make 10 pizzas each hour. He works 8 hours each day. He is paid $100 a day. The shop can sell the pizzas for $15 each. What is Robert's value of marginal product of labor?A worker's labor supply depends on, among other things, his ability, his preference for the task, and the opportunity cost of his time. True False
- Why does the marginal product of labour fall as more workers are hired? Motivate your answer.The supply of labor is determined by the: marginal product of labor. opportunity cost of hiring labor. number of workers. All of these are true.#ofworkers(labor). Total#of lawns mowed/hr(product) 0 0 1 22 53 8 4 15 5 22 6 26 7 28 The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns: a)end when the fourth worker is hired. b)occur at all levels of employment. c)occur as long as output increases. d)end when the second worker is hired. e)never occur.
