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Explain what link between marginal revenue product and wages

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Reference no: EM131876747

Problem

In 75 to 150 words or more please answer the following questions.

What is the link between marginal revenue product and wages?

Due to there being discrepancies between the productivity and resource offerings (i.e., education, skills, experience) in labor markets, is it justified for one employee with a higher marginal revenue product to earn a higher wage than an employee with a lower marginal revenue product?

Does this notion of marginal revenue product and wages conflict with minimum wage laws?

Reference no: EM131876747

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