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ECS1501-25-Y Topics 12 -15
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A rise in the wage rate will result in:
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An increase in the productivity of the workers will shift the labour demand curve upwards to the right.
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A fall in the price(s) of the product(s) manufactured by the workers will shift the labour demand curve downwards to the left.
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A change in wages will shift the market supply curve for labour.
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An increase in the wage rate will shift the labour demand curve upwards to the right.
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A firm will continue to hire labour until MRP is equal to the wage rate.
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A decrease in the wage rate will shift the labour demand curve downwards to the left.
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MRP is obtained by multiplying MPP by the selling price of the product in question.
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If the MRP is greater than the wage rate it will be profitable for a firm to employ additional labour.
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Economists assume that the goal of the firm is to
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