The chief financial officer and the nurse executive of a hospital are determining the need and wisdom of hiring additional nurses. In which case would this be advisable?
1. If the marginal revenue product is less than the wage rate.
2. If the marginal benefit is greater than the wage rate.
3. If the marginal product is equal to the marginal expense.
4. If the marginal expense indicated diminishing marginal returns.
2
Rationale 1: The marginal revenue product (marginal benefit) should be greater than the wage rate (marginal expense).
Rationale 2: The hospital should hire additional nurses as long as the marginal revenue product (i.e., the marginal benefit) is greater than the wage rate (i.e., the marginal expense).
Rationale 3: The marginal revenue product (marginal benefit) should be greater than the wage rate (marginal expense).
Rationale 4: The marginal revenue product (marginal benefit) should be greater than the wage rate (marginal expense).
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