I need help with my discussion.

User Generated

yozvffrf2019

Economics

Grantham University

Description

Profit-maximizing firms will hire additional units of a resource up to the point at which the marginal revenue product (MRP) of the resource equals its price. With multiple inputs, firms will expand their use of each until the marginal product divided by the price (MP/P) is equal across all inputs

What is the link between marginal revenue product and wages? Due to there being discrepancies between the productivity and resource offerings (i.e., education, skills, experience) in labor markets, is it justified for one employee with a higher marginal revenue product to earn a higher wage than an employee with a lower marginal revenue product? Does this notion of marginal revenue product and wages conflict with minimum wage laws?

Review the mechanics of demand and supply. How does marginality work in economics?

The initial post should be 75-150 words in length.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Please have a look at it. I will work on any recommendations please.

Running Head: Economics.

Your name
Instructor
Course
Date

Running Head: Economics.
Marginal Revenue Product and Wages.
Marginal reven...


Anonymous
Really helpful material, saved me a great deal of time.

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Similar Content

Related Tags