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Marginal revenue product is defined as the extra: a
Marginal revenue product is defined as the extra:
a. output a firm would receive after hiring one more unit of a resource
b. cost of hiring one more unit of resource
c. revenue earned by selling one more unit of product
d. revenue earned by hiring one more unit of resource
e. output received by spending one more dollar on resources
Expert Solution
Marginal revenue product is defined as the extra (d.) revenue earned by hiring one more unit of resource.
The marginal revenue product for a firm is the marginal revenue earned or generated by one unit of additional input resource, such as labor. Mathematically, it may be calculated by taking a product of the marginal revenue and the marginal product. The marginal revenue for a firm is same as the price of one unit of product, and the marginal product is the incremental output produced by one unit of input resource.
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