The marginal product of labor is a variable used in economic theory. This variable quantifies the additional output produced by adding an additional unit of labor. The value of this variable is ...

Investopedia contributors come from a range of backgrounds, and over 25 years there have been thousands of expert writers and editors who have contributed. Marginal revenue product (MRP), also known ...

This article extends the current literature on estimating the labor supply function in agriculture by providing a different method to derive the shadow wage and shadow income. The method is based on ...

Economic theory tells us that, in a perfectly competitive labor market, labor should be paid according to its “marginal product.” Now, without the jargon: The last workers to be hired by a business ...