Explain how an employer calculates the marginal by Dr. Robert Murphy

Question 43 / 96: Explain how an employer calculates the marginal productivity of a worker.

Answer:

The employer estimates how much income or profit he would

earn with the worker, compared to how much he would earn

without the worker. (These estimates don't count the additional

expense of hiring the worker.) The difference is the marginal

productivity of the worker, and represents the most that the employer

would pay to hire her.

Sample Partial Credit Answer

The employer pays the worker how much she is worth to the company.

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Capitalism: The Market Economy

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Dr.Robert MurphyAssociated Scholar

Mises Institute

USA

Attribution: Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY

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