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What would you determine the marginal revenue product of an input used in a perfectly competitive output market?
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If a firm is selling in an imperfectly competitive product market?
the marginal products of sucessive workers can be sold at a constant price
Characteristics of perfect competitive market?
A perfectly competitive market has many competitors. There is no one competitor that has more say in product prices within the industry.
How can firms use marginal analysis to determine the price of a product?
They can use this information to determine how much the consumer will buy the product for. The price must be enough to make a profit or producing the item is not worth it.
How do you input the marginal product equation in excel?
how do you find marginal product on excel
What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
If a firm is selling in an imperfectly competitive product market?
the marginal products of sucessive workers can be sold at a constant price
When average product is highest Options Total product is maximum Marginal product is maximum Marginal product is zero Marginal product is negative?
Negative
Characteristics of perfect competitive market?
A perfectly competitive market has many competitors. There is no one competitor that has more say in product prices within the industry.
How can firms use marginal analysis to determine the price of a product?
They can use this information to determine how much the consumer will buy the product for. The price must be enough to make a profit or producing the item is not worth it.
How do you input the marginal product equation in excel?
how do you find marginal product on excel
Relationship between Tota Product Marginal Product and Average Product?
Average Product = (Total Product) / (Labor) Marginal Product(2) = (Total Product)(2) - (Total Product)(1)
What is the difference between the marginal product of labor and the marginal revenue product of labor?
moarginal product of labor
What is the relationship between marginal physical product MPP and marginal cost MC Provide an examples?
what is the relationship between marginal physical product and marginal cos
Marginal product curve?
A marginal product curve is a visual presentation that demonstrates the relationship between the marginal product and the quantity of its input. All other inputs are fixed.
Relationship between total and marginal product?
Total product is the sum of all marginal products.
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"
Draw a diagram with marginal product and average productExplain the relationship between marginal product and average product?
Marginal product is any input in the production process is the increase in the quantity of output obtained from on additional unit of the input. Average product is the output produced when one more unit of the variable factor is employed The relationship is state as: If labour's marginal product is exceed its average product that means labour's average product will be rising. Labour's average product will be falling. If labour's marginal product is less than its average product. If labour's marginal product is equal its average product and the average product will reach the minimum value at the point.
