The chief financial officer and the nurse executive of a hospital wish to determine the marginal benefit of a nurse. Which values will they need?
1. Marginal product and marginal revenue
2. Marginal expense and monopsony
3. Marginal expense and marginal returns
4. Marginal product and derived demand
1
Rationale 1: The marginal benefit of a worker is the product of two components: (1) the marginal product of labor (the additional output produced by an additional worker) times (2) the marginal revenue (the additional revenue generated by selling an additional unit of output).
Rationale 2: The marginal expense of a worker is the additional cost of hiring one more worker. Monopsony occurs when a large buyer of an input (such as the only hospital in a town or region) sets the wages for workers (such as nurses). These two values are not used to figure the marginal benefit of a worker.
Rationale 3: The marginal expense of a worker is the additional cost of hiring one more worker. The law of diminishing marginal returns says that as more of a variable input is hired and the amount of capital is fixed, the marginal product of a worker declines. These values are not used to provide the marginal benefit of a worker.
Rationale 4: Marginal product is the additional output produced by an additional worker. Derived demand means that the demand for labor is derived from the demand for the product or service the firm produces and sells. These are not used to provide the marginal benefit of a worker.
Global Rationale:
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