Consider the following table for a firm.The first column shows the number of units of a variable factor of production employed by the firm. TABLE 13- 2
-Which of the following is the best definition of the marginal revenue product (MRP) of a factor of production?
A) the average product of the factor multiplied by the price of the output
B) marginal revenue multiplied by total product
C) the change in revenue caused by the sale of an additional unit of output
D) the change in revenue generated by the sale of the product produced by an additional unit of input
E) the increase in output resulting from the use of an additional unit of the factor multiplied by the cost of that factor
Correct Answer:
Verified
Q8: FIGURE 13- 4 The three diagrams below
Q9: FIGURE 13- 3 The demand and supply
Q10: Consider labour that is hired for $18
Q11: Consider the following production and cost
Q12: FIGURE 13- 4 The three diagrams below
Q14: Profit- maximizing firms increase production up to
Q15: Consider the following production and cost
Q16: The diagram below shows the MRP curve
Q17: Which of the following is the best
Q18: The hypothesis of equal net advantage explains
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