School of Economics | What Determines Pay / Wages?
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10 May

Posted at 00:12h in Uncategorized by
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Tejvan Pettinger Readers Question: What factors determine the wage that someone receives? Basic economic theory suggests that wages depend on a worker’s marginal revenue productMRP. (this is basically the value that they add to the firm which employs them.) MRP is determined by two factors: MPP – Marginal physical product...