Let's assume that the number of hours a student spends studying will contribute to their final grade. What would happen if the student studied for an extra hour each day? Or an extra two hours? How ...

Businesses measure productivity in two ways: marginal and average. The calculation of both types often yields different answers as a result of the fundamental differences behind each measurement. In ...

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 ...

The concept of ‘pay for productivity’ is well documented in microeconomic theory. According to this concept, the labour market is in equilibrium when the marginal cost (extra cost) of employing an ...