The marginal revenue product represents the worker's contribution to the firm's total revenues. the value of each additional unit of output. the worker's contribution to the firm's output. the marginal physical product of labor divided by the price of the good produced.

The marginal revenue product represents the worker's contribution to the firm's total revenues. the value of each additional unit of output. the worker's contribution to the firm's output. the marginal physical product of labor divided by the price of the good produced.

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Labor Markets And Income Distribution

Section: Chapter Questions

Problem 3SQP

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Question

The marginal revenue product represents
the worker's contribution to the firm's total revenues.
the value of each additional unit of output.
the worker's contribution to the firm's output.
the marginal physical product of labor divided by the price of the good produced.

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The marginal product of labor is the increase in total product from a Select one: a. one dollar increase in the wage rate, while holding the price of capital constant. b. one unit increase in the quantity of labor, while holding the quantity of capital constant. c. one unit increase in the quantity of labor, while also increasing the quantity of capital by one unit. d. one percent increase in the wage rate, while also increasing the price of capital by one percent.
From the table below, what can you infer is the market price in dollars of the product? (# of Labor inputworkers) Total product(# of goods) Marginal Product of Labor (MPL) Marginal Revenue Product of Labor (MRPL) 0 0 - - 1 12 12 $24 2 21 9 $18 3 28 7 $14 4 32 4 $8 5 35 3 $6
As employment of labor increases, the marginal product of labor will eventually decrease because A) profitable firms employ better workers first. B) there's a limit to how product individual workers can be. C) fixed capital means additional workers are less productive than the workers who were employed before.
labor input product output10 50011 600 12 690 13 760 14 800 Refer to the above table, answer the following questions: A. If the price of the good produced is $7, what is the marginal revenue product (MRPL=11) of the 11th worker? B. Suppose the price of the good sold is $10 and the marginal factor cost of labor(MFC) is $700, how many units of labor will the firm hire?
Labour relations is the term which refers the relationship between individual employees and employers, as well as the relationship between collectives (trade unions, employers’ organisations, and the state) and the individuals. Contrast the role of the employer with that of the employee in the employment relationship.
Kelsey owns a cotton candy shop that employs 7 people. The employees are paid $12 per hour, and a cotton candy sells for $3. If Kelsey is maximizing her profit (and operating in a perfectly competitive output and perfectly competitive labor market), what is the value of the marginal product of labor of the last worker she hired? What is this worker’s marginal product of labor?