0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
What is the distinction between marginal revenue product and marginal revenue?
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"
What is marginal revenue product?
Marginal revenue product is the additional profit a firm gains when it hires an additional worker.
What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
The revenue received from the sale of an additional unit of a product is called what?
The marginal benefit to the firm
What is the additional revenue that accrues to a firm when an additional worker is hired?
marginal revenue product
What does marginal revenue product MRP refer to?
Very little
What is the additional revenue a firm gains when it hires an additional worker called?
Marginal Revenue Product
What is additional revenue a firm gains when it hires an additional worker called?
Marginal Revenue Product
Is it profitable for a firm to continue employing additional resources as long as?
Marginal revenue product = marginal cost
How can marginal revenew and marginal costs help set the most profitable putput level?
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.
If marginal revenue product capital increases the demand or supply curve?
Demand.
How managerial economic tools such as marginal revenue marginal product marginal cost and marginal profit can be used to inform decision making?
basic economic tools in manaregial economics
