Given the information in Scenario 14.1, what is the marginal revenue product of labor?

A) 0.5L^-1/2
B) 2L^-1/2
C) 12L^-1/2
D) 24L^-1/2

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, such as labor or capital.

Marginal Product

The additional output resulting from the use of one more unit of a production input, keeping all other inputs constant.

Wage Rate

The amount of money paid to an employee per unit of time or output, typically expressed per hour or piece.