The magnitude of the marginal revenue product of labor

Reference no: EM131248344

A hospital is a monopsonist in the market for nursing services in a city. At its profit-maximizing input combination, the elasticity of supply for nursing services is +1. What does this tell you about the magnitude of the marginal revenue product of labor relative to the wage that the firm is currently paying its workers?

Reference no: EM131248344

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