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References in periodicals archive ?
However, firms find it challenging to strike a balance between maximizing their marginal product of labor and minimizing the costs of labor in a delayed-retirement world.
This says that the values of the marginal product of labor ([MPL.sub.i]) and the marginal product of capital (MPK,) are proportional to average labor productivity and capital productivity, respectively.
wage (brought about by technology shocks influencing both the marginal product of labor and the spectrum of goods offered in equilibrium) or preference parameters.
Accordingly, the marginal product of labor hence, the average return on labor investment falls.
(7.) This specified production function has a quite convenient property that marginal product of labor is the linear decreasing function of labor input.
Other things being equal, more vacancies are posted, and [n.sub.t+1] is expected to be higher, which, in turn, reduces expected marginal product of labor until equality is restored.
Here gross wage equals to the value marginal product of labor and the net wage equals to the marginal social cost of labor in terms of foregone labor.
The return in the manufacturing sector is w and the return in the agricultural sector is the marginal product of labor [p.sub.a]dG/[dL.sub.a].
Economics uses the marginal product of labor to determine, what a specific worker has contributed to the service or good.
Because competition equalizes the profit rates in the two sectors, r is also given in the cloth sector by the excess of the marginal product of labor a over the value of the wage in terms of cloth ps, divided by ps, or
The amount of output that one additional worker can contribute to the total output of the firm (the marginal product of labor) declines as the size of the workforce grows.
For the Cobb-Douglas production function, the marginal product of labor is the ratio of output to labor, or average labor productivity, multiplied by the labor elasticity.
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