Define Expectancy Theory and List and Define the Three Elements

question 120

Essay

Define expectancy theory and list and define the three elements affecting motivation.

Understand the relationship between marginal revenue product (MRP), wage rate, and hiring decisions.

Understand the impact of product demand elasticity on the demand for labor and how it influences labor's elasticity of demand.

Understand how the price of substitutes and complements affects the demand for a resource.

Comprehend the role of the marginal revenue product curve in determining input demand.