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    calling all economics people! help required!

    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.

    8 Comments

    the real economics guru's wont be on during the day...they have real jobs....LOL

    please try again later

    Original Poster

    StevenA2000_uk;8354370

    the real economics guru's wont be on during the day...they have real … the real economics guru's wont be on during the day...they have real jobs....LOL please try again later



    very true, however fellow students maybe hovering...

    emhaslam;8354385

    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

    emhaslam;8354385

    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.

    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

    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

    Original Poster

    micoo;8354463

    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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