Asked by
JayJay Velazquez
on Nov 26, 2024
Verified
The marginal product of labor is expressed in _______, while the marginal revenue product of labor is expressed in __________.
A) units of output per unit of labor; dollars per unit of labor
B) units of output per unit of labor; units of output per unit of labor also
C) dollars per unit of labor; units of output per unit of labor
D) dollars per unit of labor; dollars per unit of labor also
Marginal Product
The additional output produced by adding one more unit of a specific input, keeping all other inputs constant.
Marginal Revenue Product
The additional revenue a firm gains from employing one more unit of input, holding all other inputs constant.
Output
The amount of goods or services produced by a company, industry, or economy within a specified period.
- Gain an understanding of the fundamentals of marginal revenue product (MRP) and how to calculate it.
Verified Answer
LM
Learning Objectives
- Gain an understanding of the fundamentals of marginal revenue product (MRP) and how to calculate it.