i have know idea.....
marginal revenue product
Each additional worker has less and less tools and equipments to work with consequently , the productivity of marginal worker eventually decreases
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.
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.
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.
Marginal revenue product is the additional profit a firm gains when it hires an additional worker.
marginal revenue product
Marginal Revenue Product
Marginal Revenue Product
Each additional worker has less and less tools and equipments to work with consequently , the productivity of marginal worker eventually decreases
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.
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.
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.
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.
marginal product of labor
Utility workers keep utility systems, like electricity, gas, and water running well. The job description varies on which utility the worker is attending to.
Is the change on the output of hiring one more worker as opposed to the last worker who was hired or fired. As a result which measures the output of the margin.