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18 March, 08:40

The demand for labor depends primarily on the additional output produced as a result of hiring an additional worker and

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  1. 18 March, 09:00
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    the additional revenue that the company will receive from selling the extra output produced by hiring the additional worker. This additional revenue is calculated by simply multiplying the total additional output times the sales price of each units of additional output.

    As long as the additional revenue received is higher than the marginal cost of hiring an extra worker, the company will continue to hire more workers.
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