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Demand for Labour and Equilibrium Wages

Demand for Labour and Equilibrium Wages

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Published by malcewan

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Published by: malcewan on Oct 02, 2009
Copyright:Attribution Non-commercial

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06/28/2010

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Labour Market Economics -Demand for Labour andEquilibrium Wages
 
KEY AREAS TO COVER
Labour as a derived demand
Understand the factors influencing thedemand for labour, including marginalproductivity theory
 The elasticity of demand for labour
Wage determination in competitive markets
 
MARGINAL REVENUE PRODUCT OFLABOUR
Marginal revenue productivity (MRPL) is a theory of wages where workers are paid the value of theirmarginal revenue product to the firm
MRP theory suggests that wage differentials resultfrom differences in labour productivity and the valueof the output that the labour input produces
Marginal Revenue Product (MRPL) measures thechange in total output revenue for a firm as a result of selling the extra output produced by additionalworkers employed
MRPL = Marginal Physical Product x Price of Outputper unit

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