Lead Mill company is considering hiring an additional worker. If the Marginal Revenue Product of Labor (MRPL) for the next worker is calculated to be $10, what should Lead Mill do with respect to hiring this worker, considering its wage rate is $8 per hour?

Lead Mill company should consider hiring the additional worker because the Marginal Revenue Product of Labor (MRPL) is $10, which is higher than the wage rate of $8 per hour. The MRPL represents the additional revenue generated from hiring one more worker, and since $10 is greater than $8, the company would benefit financially from this hire. Hiring this worker means that Lead Mill would earn an extra $2 for every hour worked by the new employee, which contributes positively to their profits. For example, if the worker generates enough output to bring in $10 in revenue for each hour they work, the company makes a profit of $2 per hour after paying the wage. Therefore, it is a smart decision for Lead Mill to go ahead and hire the worker.