YSGabino3822 YSGabino3822

27-12-2022
Business

Answered

Profit-maximizing firms must determine how hiring an additional unit of labor will affect profit. To do this, the firm can compare the change in revenue from hiring an additional unit of labor against the cost of that extra worker. The additional output produced by an extra unit of labor is equal to the marginal product of labor (MPL). Because each bot sells for the market price (P), the change in revenue from hiring an additional worker is__and the change in cost is_.

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