Relationship of marginal productivity and wage rates

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1. If a particular job had very elastic demand, what would be the outcome if workers wanted a higher wage? What if the demand was very inelastic, what would be the likely outcome?

2. What is the relationship of marginal productivity and wage rates? How does value of productivity determine wage rates. Why do engineers earn more than a person working in a fast food restaurant?

Reference no: EM13893186

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