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What is the additional revenue that accrues to a firm when an additional worker is hired?
marginal revenue product
Causes of increasing and diminishing returns?
Each additional worker has less and less tools and equipments to work with consequently , the productivity of marginal worker eventually decreases
How does a business use marginal analyss to decide how many workers to employ?
A business uses marginal analysis to determine the optimal number of workers by comparing the additional output generated by hiring one more worker (marginal product) to the additional cost of hiring that worker (marginal cost). If the marginal product exceeds the marginal cost, it is beneficial to hire more workers. This process continues until the marginal product equals the marginal cost, ensuring that the business maximizes its efficiency and profitability. Ultimately, this analysis helps the business find the ideal balance between labor costs and production output.
How might firms BEST use marginal analysis to determine price and output when there are additional costs related to hiring a new worker?
Marginal analysis would allow the company to identify how much more money they would have to make in order to afford another employee. It would help them figure out if hiring a new worker is the best course of action.
When a firm hires a worker for one hour the marginal benefit to that firm equals the?
The marginal benefit will be the value added by that one hour of work. Say the worker is an economist and produces $50 worth of service work in that hour for the firm. The marginal benefit would be $50. If the worker is in production and spins $10 worth of thread into fabric the firm can sell for $100, then the value added (and the marginal benefit) is $90.
What is marginal revenue product?
Marginal revenue product is the additional profit a firm gains when it hires an additional worker.
What is the additional revenue that accrues to a firm when an additional worker is hired?
marginal revenue product
What is additional revenue a firm gains when it hires an additional worker called?
Marginal Revenue Product
What is the additional revenue a firm gains when it hires an additional worker called?
Marginal Revenue Product
Causes of increasing and diminishing returns?
Each additional worker has less and less tools and equipments to work with consequently , the productivity of marginal worker eventually decreases
How does a business use marginal analyss to decide how many workers to employ?
A business uses marginal analysis to determine the optimal number of workers by comparing the additional output generated by hiring one more worker (marginal product) to the additional cost of hiring that worker (marginal cost). If the marginal product exceeds the marginal cost, it is beneficial to hire more workers. This process continues until the marginal product equals the marginal cost, ensuring that the business maximizes its efficiency and profitability. Ultimately, this analysis helps the business find the ideal balance between labor costs and production output.
If one worker produces four units and the addition of another worker produces a total yield of 10 units the marginal production of second worker is 2?
Marginal production over the origianl worker is 2. The second worker is actually producing 6, but only 2 over the 4 of the origianl worker.
How might firms BEST use marginal analysis to determine price and output when there are additional costs related to hiring a new worker?
Marginal analysis would allow the company to identify how much more money they would have to make in order to afford another employee. It would help them figure out if hiring a new worker is the best course of action.
When a firm hires a worker for one hour the marginal benefit to that firm equals the?
The marginal benefit will be the value added by that one hour of work. Say the worker is an economist and produces $50 worth of service work in that hour for the firm. The marginal benefit would be $50. If the worker is in production and spins $10 worth of thread into fabric the firm can sell for $100, then the value added (and the marginal benefit) is $90.
What if A firm can produce 450 gallons of milk per day with 4 workers and 500 gallons per day with 5 workers The marginal product of the fifth worker expressed in gallons per worker per day is?
The marginal product of the fifth worker is calculated by finding the difference in output when adding that worker. With 4 workers, the firm produces 450 gallons, and with 5 workers, it produces 500 gallons. Therefore, the marginal product of the fifth worker is 500 gallons - 450 gallons = 50 gallons. Thus, the marginal product of the fifth worker is 50 gallons per worker per day.
What is the change in output from adding one more worker called?
marginal product of labor
Utility man job description?
Utility workers keep utility systems, like electricity, gas, and water running well. The job description varies on which utility the worker is attending to.
