Asked by Nicole Hoskins on Jul 07, 2024
Verified
In order to calculate the value of the marginal product of labor, a manager must know the marginal product of labor and the wage rate of the worker.
Marginal Product
The additional output that is produced by adding one more unit of a particular input, while holding other inputs constant.
Wage Rate
The amount of money paid to an employee per unit of time or output, commonly expressed as an hourly rate.
- Assess and clarify the importance of the marginal output of labor.
Verified Answer
YS
Yuvraj Singh AttriJul 13, 2024
Final Answer :
False
Explanation :
To calculate the value of the marginal product of labor, a manager must know the marginal product of labor and the price of the output, not the wage rate of the worker.
Learning Objectives
- Assess and clarify the importance of the marginal output of labor.