Question

Labracorp is looking to hire an unknown number of workers. jim wants to be one of those workers. what information would labracorp need in order to make a rational economic decision regarding jim's employment?

Answer 1

Jim will need to give Labracorp a reason to hire him. Jim will need to meet the qualifcations for the position and Labracorp will want to make sure Jim will be able to provide them a return on their investment from hiring him. Jim will need to be able to make Labracorp happy that they hired him to complete the job the need to fill. When a company hires a person for a role, it's because they believe they will work hard to fufill what is needed.

Answer 2

The answer is if Jim's marginal revenue is greater than his marginal cost.
Marginal revenue refers to the value that will Jim give to the company if the company decided to employ Jim. (how much profit he will create for the company)
The marginal cost on the other hand refers to the value that company must sacrifice in order to keep him working (the salary and benefit)