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#marginal_revenue_productivity_theory_of_wages

Marginal revenue productivity theory of wages

Model of wage levels

The marginal revenue productivity theory of wages is a model of wage levels in which they set to match to the marginal revenue product of labor, , which is the increment to revenues caused by the increment to output produced by the last laborer employed. In a model, this is justified by an assumption that the firm is profit-maximizing and thus would employ labor only up to the point that marginal labor costs equal the marginal revenue generated for the firm. This is a model of the neoclassical economics type.

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Marginal revenue productivity theory of wages Marginal product Marginal product of labor The General Theory of Employment, Interest and Money MRP Exploitation of labour Perfect competition Causes of income inequality in the United States Microeconomics Production–possibility frontier
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