What is Marginal Revenue Productivity Theory of Wages
It is a model of wage levels that is set to match to the marginal revenue product of labor, which is the increment to revenues generated by the increment to output created by the last laborer employed. The marginal revenue productivity theory of wages is a model of why wage levels are set to match to the marginal revenue product of labor. In a model, this is justified by the premise that the company is maximizing its profits and, as a result, would only employ labor up to the point where the marginal labor expenses are equal to the marginal income generated by the company. This is an example of a model that is seen in neoclassical economics.
How you will benefit
(I) Insights, and validations about the following topics:
Chapter 1: Marginal revenue productivity theory of wages
Chapter 2: Perfect competition
Chapter 3: Profit maximization
Chapter 4: Price elasticity of demand
Chapter 5: Marginal cost
Chapter 6: Production function
Chapter 7: Marginal product
Chapter 8: Diminishing returns
Chapter 9: Marginal revenue
Chapter 10: Cournot competition
Chapter 11: Ramsey problem
Chapter 12: Cost curve
Chapter 13: Solow-Swan model
Chapter 14: Harrod-Domar model
Chapter 15: Marginal rate of technical substitution
Chapter 16: Supply (economics)
Chapter 17: Incremental capital-output ratio
Chapter 18: Marginal product of capital
Chapter 19: Marginal product of labor
Chapter 20: Robinson Crusoe economy
Chapter 21: Monopoly price
(II) Answering the public top questions about marginal revenue productivity theory of wages.
(III) Real world examples for the usage of marginal revenue productivity theory of wages in many fields.
Who this book is for
Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Marginal Revenue Productivity Theory of Wages.