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Micro > Labour Market Introduction > Flashcards

Labour Market Introduction Flashcards

1
Q

What is the marginal physical product of labour

A

The amount of output produced by each extra worker

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2
Q

What is marginal revenue

A

The additional revenue from selling one extra unit

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3
Q

What is the marginal revenue product of labour

A

The extra revenue that an additional worker will bring

MRP=MPP x MR

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Micro (50 decks)

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