I'm thinking that marginal revenue product is the marginal revenue on one product, and marginal revenue is the marginal revenue on the whole firm sales...
I'm wondering the same thing but the above response is incorrect. both terms imply values on one item as indicated by the "marginal"
moarginal product of labor
The marginal benefit to the firm
marginal revenue product
Very little
The most profitable output level is when marginal costs equals marginal revenue. When marginal revenue is larger than marginal cost, that means that more product can be produced for more profit.
moarginal product of labor
Marginal revenue product is the additional profit a firm gains when it hires an additional worker.
The marginal benefit to the firm
marginal revenue product
Very little
Marginal Revenue Product
Marginal Revenue Product
Marginal revenue product = marginal cost
The most profitable output level is when marginal costs equals marginal revenue. When marginal revenue is larger than marginal cost, that means that more product can be produced for more profit.
In economics, marginal profit is the difference between the marginal revenue and the marginal cost of producing an additional unit of output.
Demand.
marginal revenue always lies behind the demand curve,and when demand increases marginal revenue also increases.demand curve is used to determine price of a commodity.