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calling all economics people! help required!

emhaslam Avatar
6y, 9m agoPosted 6 years, 9 months ago
got this question for homework over easter (one of many) but have no idea where to start

Explain the factors which determine the marginal revenue product of labour. (15)

rep for any help. i've posted on studentroom aswell but heard nothing from there.
emhaslam Avatar
6y, 9m agoPosted 6 years, 9 months ago
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1 Like #1
the real economics guru's wont be on during the day...they have real jobs....LOL

please try again later :p
#2
StevenA2000_uk
the real economics guru's wont be on during the day...they have real jobs....LOL

please try again later :p


very true, however fellow students maybe hovering...
#3
emhaslam
very true, however fellow students maybe hovering...


agreed, but they will either be in the pub or laying close to the PC in a drunken stupor! :-D
1 Like #4
emhaslam
very true, however fellow students maybe hovering...


Or busy writing their assignments/dissertations/filling in job applications >.<

Can't remember much about economics now to be honest, 4 years since I did my A-Levels... Definitely not enough to warrant 15 marks lol, I'd need to look at my notes, but I've too much else to do, sorreh.
1 Like #5
marginal revenue product of labour is basicly the additional revenue you get from hiring one more worker, so some of the more obvious factors are the wage rate, productivity and whether you are in a perfectly competitive market (i think haha), look at stuff on labour economics, particularly the neoclassical models, maybe even talk about long and short run aggregate supply and demand

i hate microeconomics haha, macro is way better lol
1 Like #7
nicked this from wiki

The determinants of employing the addition to labour depend on the Marginal Revenue Product (MRP) of the worker. The MRP is calculated by multiplying the price of the end product or service by the Marginal Physical Product of the worker. If the MRP is greater than a firm's Marginal Cost, then the firm will employ the worker. The firm only employs however up to the point where MRP=MC, not lower, in economic theory
#8
micoo

i hate microeconomics haha, macro is way better lol


couldnt agree more!




thanks for all your help - rep added to everyone

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