support@qualitydissertationpapers.com

+1(316)4441378

+44-141-628-6690

Market For Productive Resources; Earnings, Productivity, And The Job Market

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?

 

Part 2

Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will affect its MRP and profits. See the table attached, and answer each of the questions.

 

a. The marginal product of the 3rd pound of plastic is ________.

b. The marginal revenue product of the 3rd pound of plastic is ______.

c. The price of plastic is $135 per pound. To maximize profit, the producer should produce

__________________.

d. The price of plastic is $135 per pound. To maximize profit, the producer should buy and use:

________________.

 

You can place an order similar to this with us. You are assured of an authentic custom paper delivered within the given deadline besides our 24/7 customer support all through.

 

Latest completed orders:

# topic title discipline academic level pages delivered
6
Writer's choice
Business
University
2
1 hour 32 min
7
Wise Approach to
Philosophy
College
2
2 hours 19 min
8
1980's and 1990
History
College
3
2 hours 20 min
9
pick the best topic
Finance
School
2
2 hours 27 min
10
finance for leisure
Finance
University
12
2 hours 36 min
[order_calculator]