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Explain about the equilibrium in the labor market.
Equilibrium into the Labor Market:
All of firm will hire labor up to the point at that the value of the marginal product of labor is equivalent to the equilibrium wage rate.
VMPL = Wage or MRP = Wage (AP)
Into equilibrium, the marginal product of labor will be similar for all employers.
Therefore the equilibrium or market wage rate is equivalent to the equilibrium value of the marginal product.
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Why do the inclusion of opportunity costs in cost-and-supply analyses help individuals make better decisions and improve outcomes?
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Plot the demand schedule and draw the demand curve for the data given for Marijuana in the caseabove.
Q. What is Labour Requirements on the production capacity? Labour Requirements: Spending on labour is one of the most vital elements of cost of production. Dependable and cor
Fundamental of managerial economic
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