Asked by
Justin Meisel
on Oct 25, 2024
Verified
The marginal revenue product of labor is equal to:
A) MPL / P.
B) MPL ∗ MR.
C) MPL / MR.
D) MR / MPL.
Marginal Revenue Product
The additional revenue generated from employing one more unit of a variable input.
Marginal Physical Product
The additional output produced by using one more unit of a variable input, holding all other inputs constant.
- Learn about the effect of the marginal revenue product of labor on how companies decide to hire workers.
- Apply a given formula to assess the marginal revenue product of labor in specific organizational settings.
Verified Answer
IP
Learning Objectives
- Learn about the effect of the marginal revenue product of labor on how companies decide to hire workers.
- Apply a given formula to assess the marginal revenue product of labor in specific organizational settings.