Marginal revenue product is the additional profit a firm gains when it hires an additional worker.
Diminished Marginal Utility is the lack of satisfaction a person receives from using a product repeatedly.
marginal rate of substitution
An area which is unimmportant
The margin should be set at 1 inch for the essay. Another good sentence would be, she won the race by a margin.
Oil revenue is funding the expansion of the war.
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
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.
Demand.
basic economic tools in manaregial economics
When marginal productivity is diminished, the cost of productions can decrease if the marginal costs for making an extra product is larger than the marginal revenue for that 1 extra unit product.